American Campus Communities (ACC) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 2016
Document Information [Line Items]
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES INC
Entity Central Index Key	1,283,630
Trading Symbol	acc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding (in shares)		132,099,754
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Document Information [Line Items]
Entity Registrant Name	American Campus Communities Operating Partnership LP
Entity Central Index Key	1,357,369
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments in real estate:
Investments in real estate, net	$ 5,931,425	$ 5,667,754
Cash and cash equivalents	32,393	16,659
Restricted cash	29,649	33,675
Student contracts receivable, net	16,650	18,475
Other assets	269,258	269,685
Total assets	6,279,375	6,006,248
Liabilities:
Secured mortgage, construction and bond debt	927,264	1,094,962
Unsecured notes	1,188,218	1,186,700
Unsecured term loans	348,810	597,719
Unsecured revolving credit facility	20,000	68,900
Accounts payable and accrued expenses	77,247	71,988
Other liabilities	199,887	144,811
Total liabilities	2,761,426	3,165,080
Commitments and contingencies (Note 13)
Redeemable noncontrolling/limited partners interests	63,718	59,511
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Common stock, $0.01 par value, 800,000,000 shares authorized, 131,827,424 and 112,350,877 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	1,319	1,124
Additional paid in capital	4,095,452	3,325,806
Treasury stock, at cost, 20,181 and 10,155 shares at September 30, 2016 and December 31, 2015, respectively	(975)	(403)
Accumulated earnings and dividends	(639,698)	(550,501)
Accumulated other comprehensive loss	(5,992)	(5,830)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,450,106	2,770,196
Total equity	3,454,231	2,781,657
Partners’ capital:
Accumulated other comprehensive loss	(5,992)	(5,830)
Total liabilities and equity	6,279,375	6,006,248
Wholly-owned properties, net
Investments in real estate:
Investments in real estate, net	5,348,258	5,522,271
Liabilities:
Secured mortgage, construction and bond debt	822,074	980,282
Wholly-owned properties held for sale
Investments in real estate:
Investments in real estate, net	495,955	55,354
On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	87,212	90,129
Partially owned properties
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Noncontrolling interests - partially owned properties	4,125	11,461
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	5,931,425	5,667,754
Cash and cash equivalents	32,393	16,659
Restricted cash	29,649	33,675
Student contracts receivable, net	16,650	18,475
Other assets	269,258	269,685
Total assets	6,279,375	6,006,248
Liabilities:
Secured mortgage, construction and bond debt	927,264	1,094,962
Unsecured notes	1,188,218	1,186,700
Unsecured term loans	348,810	597,719
Unsecured revolving credit facility	20,000	68,900
Accounts payable and accrued expenses	77,247	71,988
Other liabilities	199,887	144,811
Total liabilities	2,761,426	3,165,080
Commitments and contingencies (Note 13)
Redeemable noncontrolling/limited partners interests	63,718	59,511
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Accumulated other comprehensive loss	(5,992)	(5,830)
Partners’ capital:
General partner - 12,222 OP units outstanding at both September 30, 2016 and December 31, 2015	85	93
Limited partner - 131,835,383 and 112,348,810 OP units outstanding at September 30, 2016 and December 31, 2015, respectively	3,456,013	2,775,933
Accumulated other comprehensive loss	(5,992)	(5,830)
Total partners’ capital	3,450,106	2,770,196
Total capital	3,454,231	2,781,657
Total liabilities and equity	6,279,375	6,006,248
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net
Investments in real estate:
Investments in real estate, net	5,348,258	5,522,271
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties held for sale
Investments in real estate:
Investments in real estate, net	495,955	55,354
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	87,212	90,129
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Partners’ capital:
Noncontrolling interests - partially owned properties	$ 4,125	$ 11,461

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	800,000,000	800,000,000
Common stock, shares issued (shares)	131,827,424	112,350,877
Common stock, shares outstanding (shares)	131,827,424	112,350,877
Treasury stock at cost (shares)	20,181	10,155
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
General partner, OP units outstanding (shares)	12,222	12,222
Limited partner, OP units outstanding (shares)	131,835,383	112,348,810

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Third-party development services	$ 773	$ 937	$ 3,929	$ 3,178
Third-party management services	2,376	2,261	7,039	6,586
Resident services	810	778	2,325	2,309
Total revenues	196,411	180,816	582,389	551,183
Operating expenses
Third-party development and management services	3,340	3,555	10,638	10,554
General and administrative	5,375	5,086	16,810	15,667
Depreciation and amortization	52,067	51,874	159,486	154,103
Ground/facility leases	1,965	1,782	6,736	5,841
Total operating expenses	167,133	162,265	460,970	448,004
Operating income	29,278	18,551	121,419	103,179
Nonoperating income and (expenses)
Interest income	1,272	1,099	4,026	3,296
Interest expense	(19,016)	(21,053)	(61,762)	(63,627)
Amortization of deferred financing costs	(1,344)	(1,315)	(5,238)	(4,032)
Gain from disposition of real estate	0	4,657	17,409	52,699
Loss from early extinguishment of debt	0	0	0	(1,770)
Other nonoperating income	0	388	0	388
Total nonoperating expense	(19,088)	(16,224)	(45,565)	(13,046)
Income before income taxes	10,190	2,327	75,854	90,133
Income tax provision	(345)	(311)	(1,035)	(932)
Net income	9,845	2,016	74,819	89,201
Net income attributable to noncontrolling interests	(201)	(161)	(1,150)	(1,569)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	9,644	1,855	73,669	87,632
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	1,271	(1,420)	(162)	(2,443)
Comprehensive income	$ 10,915	$ 435	$ 73,507	$ 85,189
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.07	$ 0.01	$ 0.57	$ 0.78
Diluted (in dollars per share)	$ 0.07	$ 0.01	$ 0.56	$ 0.77
Weighted-average common shares outstanding
Basic (in shares)	130,786,985	112,323,520	128,239,294	111,867,257
Diluted (in shares)	131,568,371	112,980,208	129,034,401	113,911,864
Weighted-average common units outstanding
Distributions declared per common share (in dollars per share)	$ 0.42	$ 0.40	$ 1.24	$ 1.18
Redeemable noncontrolling interests
Nonoperating income and (expenses)
Net income attributable to noncontrolling interests	$ (124)	$ (69)	$ (865)	$ (1,062)
Wholly-owned properties
Revenues
Operating lease revenue	185,694	170,275	546,078	517,641
Operating expenses
Wholly-owned properties and On-campus participating properties	100,602	96,411	257,175	252,672
On-campus participating properties
Revenues
Operating lease revenue	6,758	6,565	23,018	21,469
Operating expenses
Wholly-owned properties and On-campus participating properties	3,784	3,557	10,125	9,167
Partially owned properties
Nonoperating income and (expenses)
Net income attributable to noncontrolling interests	(77)	(92)	(285)	(507)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues
Third-party development services	773	937	3,929	3,178
Third-party management services	2,376	2,261	7,039	6,586
Resident services	810	778	2,325	2,309
Total revenues	196,411	180,816	582,389	551,183
Operating expenses
Third-party development and management services	3,340	3,555	10,638	10,554
General and administrative	5,375	5,086	16,810	15,667
Depreciation and amortization	52,067	51,874	159,486	154,103
Ground/facility leases	1,965	1,782	6,736	5,841
Total operating expenses	167,133	162,265	460,970	448,004
Operating income	29,278	18,551	121,419	103,179
Nonoperating income and (expenses)
Interest income	1,272	1,099	4,026	3,296
Interest expense	(19,016)	(21,053)	(61,762)	(63,627)
Amortization of deferred financing costs	(1,344)	(1,315)	(5,238)	(4,032)
Gain from disposition of real estate	0	4,657	17,409	52,699
Loss from early extinguishment of debt	0	0	0	(1,770)
Other nonoperating income	0	388	0	388
Total nonoperating expense	(19,088)	(16,224)	(45,565)	(13,046)
Income before income taxes	10,190	2,327	75,854	90,133
Income tax provision	(345)	(311)	(1,035)	(932)
Net income	9,845	2,016	74,819	89,201
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	9,768	1,924	74,534	88,694
Series A preferred unit distributions	(36)	(44)	(115)	(132)
Net income attributable to common unitholders	9,732	1,880	74,419	88,562
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	1,271	(1,420)	(162)	(2,443)
Comprehensive income	$ 11,003	$ 460	$ 74,257	$ 86,119
Net income per unit attributable to common unitholders
Basic (in dollars per unit)	$ 0.07	$ 0.01	$ 0.57	$ 0.77
Diluted (in dollars per unit)	$ 0.07	$ 0.01	$ 0.56	$ 0.77
Weighted-average common units outstanding
Basic (in units)	132,008,227	113,766,243	129,517,442	113,222,867
Diluted (in units)	132,789,613	114,422,931	130,312,549	113,911,864
Distributions declared per common unit (in dollars per unit)	$ 0.42	$ 0.4	$ 1.24	$ 1.18
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties
Revenues
Operating lease revenue	$ 185,694	$ 170,275	$ 546,078	$ 517,641
Operating expenses
Wholly-owned properties and On-campus participating properties	100,602	96,411	257,175	252,672
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Revenues
Operating lease revenue	6,758	6,565	23,018	21,469
Operating expenses
Wholly-owned properties and On-campus participating properties	3,784	3,557	10,125	9,167
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Nonoperating income and (expenses)
Net income attributable to noncontrolling interests	$ (77)	$ (92)	$ (285)	$ (507)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ CAPITAL - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Accumulated Other Comprehensive Loss	Common shares	Additional Paid in Capital	Treasury Stock	Accumulated Earnings and Dividends	Noncontrolling Interests - Partially Owned PropertiesPartially owned properties	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Accumulated Other Comprehensive Loss	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Noncontrolling Interests - Partially Owned PropertiesPartially owned properties	General PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Limited PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Equity, December 31, 2015 (in shares) at Dec. 31, 2015			112,350,877		10,155
Equity, December 31, 2015 at Dec. 31, 2015	$ 2,781,657	$ (5,830)	$ 1,124	$ 3,325,806	$ (403)	$ (550,501)	$ 11,461
Capital, December 31, 2015 (in units) at Dec. 31, 2015											12,222	112,348,810
Capital, December 31, 2015 at Dec. 31, 2015								$ 2,781,657	$ (5,830)	$ 11,461	$ 93	$ 2,775,933
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable limited partners' / noncontrolling interests at fair value	(10,481)			(10,481)				(10,481)				(10,481)
Amortization of restricted stock awards	7,093			7,093				7,093				$ 7,093
Vesting of restricted stock awards and restricted stock units (shares)			130,701		10,026							140,727
Vesting of restricted stock awards and restricted stock units	(2,355)		$ 1	(1,784)	$ (572)			(2,355)				$ (2,355)
Distributions to common and restricted stockholders	(162,866)					(162,866)		(162,866)			(15)	$ (162,851)
Distributions to noncontrolling interests - partially owned properties	(366)						(366)	(366)		(366)
Increase in ownership of consolidated subsidiary	(7,311)						(7,311)	(7,311)		(7,311)
Conversion of operating partnership units to common stock (shares)			166,846									166,846
Conversion of operating partnership units to common stock	5,441		$ 2	5,439				5,441				$ 5,441
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds (shares)			19,179,000									19,179,000
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds	769,571		$ 192	769,379				769,571				$ 769,571
Change in fair value of interest rate swaps	(471)	(471)						(471)	(471)
Amortization of interest rate swap terminations	309	309						309	309
Contributions by noncontrolling partners	56						56	56		56
Net income	73,954					73,669	285	73,954		285	$ 7	$ 73,662
Equity, September 30, 2016 (in shares) at Sep. 30, 2016			131,827,424		20,181
Equity, September 30, 2016 at Sep. 30, 2016	$ 3,454,231	$ (5,992)	$ 1,319	$ 4,095,452	$ (975)	$ (639,698)	$ 4,125
Capital, September 30, 2016 (in units) at Sep. 30, 2016											12,222	131,835,383
Capital, September 30, 2016 at Sep. 30, 2016								$ 3,454,231	$ (5,992)	$ 4,125	$ 85	$ 3,456,013

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net income	$ 74,819	$ 89,201
Adjustments to reconcile net income to net cash provided by operating activities:
Gains from disposition of real estate	(17,409)	(52,699)
Gain from insurance settlement	0	(388)
Loss from early extinguishment of debt	0	1,770
Depreciation and amortization	159,486	154,103
Amortization of deferred financing costs and debt premiums/discounts	(4,053)	(4,726)
Share-based compensation	7,820	6,335
Income tax provision	1,035	932
Amortization of interest rate swap terminations	309	308
Changes in operating assets and liabilities:
Restricted cash	(734)	(2,286)
Student contracts receivable, net	1,750	(15,051)
Other assets	(5,112)	(16,852)
Accounts payable and accrued expenses	2,769	(9,164)
Other liabilities	22,157	27,454
Net cash provided by operating activities	242,837	178,937
Investing activities
Proceeds from disposition of properties	72,640	427,205
Cash paid for acquisition of operating and under development properties	(96,604)	(298,202)
Cash paid for land acquisitions	(856)	(41,855)
Investment in direct financing lease	(7,837)	0
Decrease in escrow deposits for real estate investments	5,141	87
Change in restricted cash related to capital reserves	(1,099)	3,156
Proceeds from insurance settlement	0	388
Increase in ownership of consolidated subsidiary	0	(1,708)
Purchase of corporate furniture, fixtures and equipment	(4,681)	(6,579)
Net cash used in investing activities	(365,738)	(130,644)
Financing activities
Proceeds from unsecured notes	0	399,244
Proceeds from sale of common stock	803,189	216,666
Offering costs	(32,912)	(3,250)
Pay-off of mortgage and construction loans	(152,597)	(244,771)
Loss from early extinguishment of debt	0	(1,770)
Pay-off of unsecured term loans	(400,000)	0
Proceeds from unsecured term loan	150,000	0
Proceeds from revolving credit facility	123,400	626,300
Pay downs of revolving credit facility	(172,300)	(868,800)
Proceeds from construction loans	0	258
Scheduled principal payments on debt	(11,514)	(10,717)
Debt issuance and assumption costs	(744)	(2,725)
Taxes paid on net-share settlements	(2,977)	(2,878)
Distributions to common and restricted stockholders	(162,866)	(133,354)
Distributions to noncontrolling partners	(2,044)	(2,328)
Net cash provided by (used in) financing activities	138,635	(28,125)
Net change in cash and cash equivalents	15,734	20,168
Cash and cash equivalents at beginning of period	16,659	25,062
Cash and cash equivalents at end of period	32,393	45,230
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	(10,012)	(69,423)
Issuance of common units in connection with property acquisitions	0	(14,182)
Change in fair value of derivative instruments, net	(471)	(2,443)
Change in fair value of redeemable noncontrolling interests	(10,481)	5,352
Supplemental disclosure of cash flow information
Interest paid	69,884	74,620
Wholly-owned properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	(45,155)	(70,022)
Investments in wholly-owned properties under development	(284,777)	(140,725)
On-campus participating properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	(2,510)	(2,389)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Operating activities
Net income	74,819	89,201
Adjustments to reconcile net income to net cash provided by operating activities:
Gains from disposition of real estate	(17,409)	(52,699)
Gain from insurance settlement	0	(388)
Loss from early extinguishment of debt	0	1,770
Depreciation and amortization	159,486	154,103
Amortization of deferred financing costs and debt premiums/discounts	(4,053)	(4,726)
Share-based compensation	7,820	6,335
Income tax provision	1,035	932
Amortization of interest rate swap terminations	309	308
Changes in operating assets and liabilities:
Restricted cash	(734)	(2,286)
Student contracts receivable, net	1,750	(15,051)
Other assets	(5,112)	(16,852)
Accounts payable and accrued expenses	2,769	(9,164)
Other liabilities	22,157	27,454
Net cash provided by operating activities	242,837	178,937
Investing activities
Proceeds from disposition of properties	72,640	427,205
Cash paid for acquisition of operating and under development properties	(96,604)	(298,202)
Cash paid for land acquisitions	(856)	(41,855)
Decrease in escrow deposits for real estate investments	5,141	87
Change in restricted cash related to capital reserves	(1,099)	3,156
Proceeds from insurance settlement	0	388
Increase in ownership of consolidated subsidiary	0	(1,708)
Purchase of corporate furniture, fixtures and equipment	(4,681)	(6,579)
Net cash used in investing activities	(365,738)	(130,644)
Financing activities
Proceeds from unsecured notes	0	399,244
Proceeds from issuance of common units in exchange for contributions, net	770,277	213,416
Pay-off of mortgage and construction loans	(152,597)	(244,771)
Loss from early extinguishment of debt	0	(1,770)
Pay-off of unsecured term loans	(400,000)	0
Proceeds from unsecured term loan	150,000	0
Proceeds from revolving credit facility	123,400	626,300
Pay downs of revolving credit facility	(172,300)	(868,800)
Proceeds from construction loans	0	258
Scheduled principal payments on debt	(11,514)	(10,717)
Debt issuance and assumption costs	(744)	(2,725)
Taxes paid on net-share settlements	(2,977)	(2,878)
Net cash provided by (used in) financing activities	138,635	(28,125)
Net change in cash and cash equivalents	15,734	20,168
Cash and cash equivalents at beginning of period	16,659	25,062
Cash and cash equivalents at end of period	32,393	45,230
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	(10,012)	(69,423)
Issuance of common units in connection with property acquisitions	0	(14,182)
Change in fair value of derivative instruments, net	(471)	(2,443)
Supplemental disclosure of cash flow information
Interest paid	69,884	74,620
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested restricted awards
Financing activities
Distributions paid	(1,051)	(867)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units
Financing activities
Distributions paid	(163,493)	(134,197)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Financing activities
Distributions to noncontrolling partners	(366)	(618)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	(45,155)	(70,022)
Investments in wholly-owned properties under development	(284,777)	(140,725)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	$ (2,510)	$ (2,389)

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business American Campus Communities, Inc. (“ACC”) is a real estate investment trust (“REIT”) that commenced operations effective with the completion of an initial public offering (“IPO”) on August 17, 2004. Through ACC’s controlling interest in American Campus Communities Operating Partnership, L.P. (“ACCOP”), ACC is one of the largest owners, managers and developers of high quality student housing properties in the United States in terms of beds owned and under management. ACC is a fully integrated, self-managed and self-administered equity REIT with expertise in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. ACC’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACC.” The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of September 30, 2016 , ACC Holdings held an ownership interest in ACCOP of less than 1% . The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of September 30, 2016 , ACC owned an approximate 99.1% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company,” “we,” “us” or “our” mean collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. As of September 30, 2016 , our property portfolio contained 170 properties with approximately 105,300 beds. Our property portfolio consisted of 139 owned off-campus student housing properties that are in close proximity to colleges and universities, 26 American Campus Equity (“ACE®”) properties operated under ground/facility leases with twelve university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 170 properties, eleven were under development as of September 30, 2016 , and when completed will consist of a total of approximately 9,000 beds. Our communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), we also provide construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of September 30, 2016 , also through one of ACC’s TRSs, we provided third-party management and leasing services for 35 properties that represented approximately 28,300 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years . As of September 30, 2016 , our total owned and third-party managed portfolio included 205 properties with approximately 133,600 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. Our actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Certain prior period amounts, as discussed below in Recently Adopted Accounting Pronouncements , have been reclassified to conform to the current period presentation. Recently Issued Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-15 (“ASU 2016-15”), “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update provide guidance on eight specific cash flow issues where there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-15 will have a material effect on its consolidated statements of cash flows. In March 2016, the FASB issued Accounting Standards Update 2016-05 (“ASU 2016-05”), “Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” The amendments in this guidance clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt ASU 2016-05 as of January 1, 2017 and does not expect it to have a material impact on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), “Leases: Amendments to the FASB Accounting Standards Codification.” ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance is effective for public business entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-02 will have a material effect on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), “Revenue From Contracts With Customers”. ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. Subsequent to the issuance of ASU 2014-09, the FASB has issued multiple Accounting Standards Updates clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the effective date by one year. ASU 2014-09, as amended by subsequent Accounting Standards Updates, is effective for public entities for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or modified retrospective approach upon adoption. The Company plans to adopt the new revenue standard as of January 1, 2018 and is currently evaluating the potential impact of the new standards on its consolidated financial statements. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update 2016-09 (“ASU 2016-09”), “Improvements to Employee Share-Based Payment Accounting.” The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2016-09 as of January 1, 2016. ASU 2016-09 did not have a material impact on the Company's consolidated financial statements. Refer to the accompanying consolidated statements of cash flows for details on the impact of the reclassification of taxes paid on net-share settlements from operating to financing activities. On January 1, 2016, the Company adopted Accounting Standards Update 2015-16 (“ASU 2015-16”), “Simplifying the Accounting for Measurement-Period Adjustments.” Under the new guidance, the Company will no longer recognize a measurement-period adjustment retroactively in a business combination. Instead, measurement-period adjustments will be recognized during the period in which the amount of the adjustment is determined. The adoption of ASU 2015-16 did not have a material impact on the Company’s consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs.” The impact of adopting ASU 2015-03 on the Company’s consolidated financial statements was the reclassification of deferred financing costs previously included in “other assets” to “secured mortgage, construction and bond debt”, “unsecured notes” and “unsecured term loans” within its consolidated balance sheets for all periods presented (see Note 7 ). Other than these reclassifications, the adoption of ASU 2015-03 did not have an impact on the Company’s consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-02 (“ASU 2015-02”), “Amendments to the Consolidation Analysis.” The new guidance changed the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance did not amend the existing disclosure requirements for Variable Interest Entities (“VIEs”) or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model and eliminated the presumption that a general partner should consolidate a limited partnership. Under the revised guidance, ACCOP is determined to be a VIE. As ACCOP is already included in the consolidated financial statements of the Company, the identification of this entity as a VIE has no impact on its consolidated financial statements. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption of this guidance. In addition, there were no other voting interest entities under prior existing guidance determined to be VIEs under the revised guidance. Interim Financial Statements The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $3.3 million and $2.8 million was capitalized during the three months ended September 30, 2016 and 2015 , respectively, and interest totaling approximately $9.0 million and $8.2 million was capitalized during the nine months ended September 30, 2016 and 2015 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairment indicators of the carrying values of its investments in real estate as of September 30, 2016 . The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price if acquired separately, or market research/comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. We have determined these estimates to have been primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. We record the acquisition of undeveloped land parcels that do not meet the accounting criteria to be accounted for as business combinations at the purchase price paid and capitalize the associated acquisition costs. Pre-development Expenditures Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of September 30, 2016 , the Company has deferred approximately $9.0 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets. Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the three and nine months ended September 30, 2016 and 2015 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Common OP Units (Note 9) 1,221,242 1,442,723 1,278,148 — Preferred OP Units (Note 9) 87,767 109,359 95,212 109,916 Total potentially dilutive securities 1,309,009 1,552,082 1,373,360 109,916 The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Numerator – basic earnings per share: Net income $ 9,845 $ 2,016 $ 74,819 $ 89,201 Net income attributable to noncontrolling interests (201 ) (161 ) (1,150 ) (1,569 ) Net income attributable to common stockholders 9,644 1,855 73,669 87,632 Amount allocated to participating securities (329 ) (264 ) (1,051 ) (867 ) Net income attributable to common stockholders - basic $ 9,315 $ 1,591 $ 72,618 $ 86,765 Numerator – diluted earnings per share: Net income attributable to common shareholders - basic $ 9,315 $ 1,591 $ 72,618 $ 86,765 Income allocated to Common OP Units — — — 929 Net income attributable to common shareholders - diluted $ 9,315 $ 1,591 $ 72,618 $ 87,694 Denominator: Basic weighted average common shares outstanding 130,786,985 112,323,520 128,239,294 111,867,257 Unvested Restricted Stock Awards (Note 10) 781,386 656,688 795,107 688,997 Common OP units (Note 9) — — — 1,355,610 Diluted weighted average common shares outstanding 131,568,371 112,980,208 129,034,401 113,911,864 Earnings per share: Net income attributable to common stockholders - basic $ 0.07 $ 0.01 $ 0.57 $ 0.78 Net income attributable to common stockholders - diluted $ 0.07 $ 0.01 $ 0.56 $ 0.77 Earnings per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Numerator – basic and diluted earnings per unit: Net income $ 9,845 $ 2,016 $ 74,819 $ 89,201 Net income attributable to noncontrolling interests – partially owned properties (77 ) (92 ) (285 ) (507 ) Series A preferred unit distributions (36 ) (44 ) (115 ) (132 ) Amount allocated to participating securities (329 ) (264 ) (1,051 ) (867 ) Net income attributable to common unitholders $ 9,403 $ 1,616 $ 73,368 $ 87,695 Denominator: Basic weighted average common units outstanding 132,008,227 113,766,243 129,517,442 113,222,867 Unvested Restricted Stock Awards (Note 10) 781,386 656,688 795,107 688,997 Diluted weighted average common units outstanding 132,789,613 114,422,931 130,312,549 113,911,864 Earnings per unit: Net income attributable to common unitholders - basic $ 0.07 $ 0.01 $ 0.57 $ 0.77 Net income attributable to common unitholders - diluted $ 0.07 $ 0.01 $ 0.56 $ 0.77

Property Acquisitions

Property Acquisitions	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Property Acquisitions	Property Acquisitions Properties Under Development During the nine months ended September 30, 2016 , the Company secured the following in-process development properties for approximately $66.0 million . Total cash consideration of $57.1 million consisted of escrow deposits and cash paid at closing: Property Location Primary University Served Targeted Completion Date Acquisition Date Beds The Court at Stadium Centre (1) Tallahassee, FL Florida State University August 2016 May 2016 260 Callaway House Apartments Norman, OK University of Oklahoma August 2017 June 2016 915 U Centre on College Clemson, SC Clemson University August 2017 June 2016 418 1,593 (1) In conjunction with the purchase of Stadium Centre in July 2015, we entered into a presale agreement to purchase The Court at Stadium Centre, an adjacent property. We completed the purchase of the property in May 2016 and the property opened for operations in August 2016. As part of this transaction, the Company assumed approximately $10.0 million of fixed rate mortgage debt. Operating Properties In August 2016, the Company acquired University Crossings, a wholly-owned property located adjacent to the University of North Carolina in Charlotte, NC, containing 546 beds. During the nine months ended September 30, 2015 , the Company acquired eight wholly-owned properties containing 4,061 beds for a combined purchase price of approximately $378.3 million . As part of these transactions, the Company assumed approximately $69.4 million of mortgage debt and issued 343,895 Common OP Units, valued at $41.24 per unit.

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions During the nine months ended September 30, 2016 , the Company sold the following wholly-owned properties for approximately $73.8 million , resulting in net proceeds of approximately $72.6 million . The combined net gain on these dispositions totaled approximately $17.4 million . Property Location Primary University Served Disposition Date Beds The Edge - Orlando Orlando, FL University of Central Florida March 2016 930 University Village - Sacramento Sacramento, CA California State Univ. - Sacramento March 2016 394 1,324 The following portfolio of wholly-owned properties is classified as held for sale on the accompanying consolidated balance sheet as of September 30, 2016 : Property Location Primary University Served Beds Abbott Place East Lansing, MI Michigan State University 654 Burbank Commons Baton Rouge, LA Louisiana State University 532 Campus Corner Bloomington, IA Indiana University 796 Campus Way Tuscaloosa, AL University of Alabama 680 Forest Village and Woodlake Columbia, MO University of Missouri 704 Garnet River Walk Columbia, SC University of South Carolina 476 Grindstone Canyon Columbia, MO University of Missouri 384 Lions Crossing State College, PA Penn State University 696 Nittany Crossing State College, PA Penn State University 684 Pirates Place Townhomes Greenville, NC East Carolina University 528 The Centre Kalamazoo, MI Western Michigan University 700 The Cottages of Baton Rouge Baton Rouge, LA Louisiana State University 1,290 The Cottages of Columbia Columbia, MO University of Missouri 513 U Club Cottages Baton Rouge, LA Louisiana State University 308 University Club & The Grove (1) Tallahassee, FL Florida State University 736 University Crescent Baton Rouge, LA Louisiana State University 612 University Heights Birmingham, AL University of Alabama at Birmingham 528 University Manor Greenville, NC East Carolina University 600 University Oaks Columbia, SC University of South Carolina 662 12,083 (1) Consists of two phases that are counted separately in the property portfolio numbers contained in Note 1 . Prior to the sale of the portfolio, the Company plans to pay off $197.7 million in outstanding mortgage debt. As the held for sale properties' anticipated combined sales price less costs to sell exceeds their net book value, no impairment was recorded with respect to these anticipated dispositions. During the nine months ended September 30, 2015 , the Company sold 20 wholly-owned properties containing 12,297 beds for a combined sales price of approximately $436.7 million , resulting in net proceeds of approximately $427.1 million . The combined net gain on these dispositions totaled approximately $52.7 million .

Investments in Wholly-Owned Pro

Investments in Wholly-Owned Properties	9 Months Ended
	Sep. 30, 2016
Wholly-owned properties
Real Estate Properties [Line Items]
Investments in Wholly-Owned Properties	Investments in Wholly-Owned Properties Wholly-owned properties consisted of the following: September 30, 2016 December 31, 2015 Land (1) $ 567,866 $ 597,894 Buildings and improvements 5,072,199 5,235,033 Furniture, fixtures and equipment 300,522 311,696 Construction in progress 223,474 154,988 6,164,061 6,299,611 Accumulated depreciation (815,803 ) (777,340 ) Wholly-owned properties, net $ 5,348,258 (2) $ 5,522,271 (3) (1) The land balance above includes undeveloped land parcels with book values of approximately $38.3 million and $66.2 million as of September 30, 2016 and December 31, 2015 , respectively. It also includes land totaling approximately $61.2 million and $33.0 million as of September 30, 2016 and December 31, 2015 , respectively, related to properties under development. (2) The balance above excludes the net book value of 19 wholly-owned properties classified as held for sale in the accompanying consolidated balance sheets as of September 30, 2016 . One of the properties held for sale consists of two phases which are counted separately in our property portfolio numbers (see Note 4 ). (3) The balance above excludes the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheets as of December 31, 2015 . These properties were sold in March 2016 (see Note 4 ).

On-Campus Participating Propert

On-Campus Participating Properties	9 Months Ended
	Sep. 30, 2016
On-campus participating properties
Real Estate Properties [Line Items]
On-Campus Participating Properties	On-Campus Participating Properties On-campus participating properties are as follows: Historical Cost Lessor/University Lease Commencement Required Debt September 30, 2016 December 31, 2015 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 45,270 $ 44,147 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,184 7,064 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,313 27,717 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 37,942 37,381 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 43,786 43,676 162,495 159,985 Accumulated amortization (75,283 ) (69,856 ) On-campus participating properties, net $ 87,212 $ 90,129 (1) Consists of three phases placed in service between 1996 and 1998. (2) Consists of two phases placed in service in 2000 and 2003. (3) Consists of two phases placed in service in 2001 and 2005.

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt On January 1, 2016, the Company adopted ASU 2015-03, and as a result, deferred financing costs associated with secured mortgage, construction and bond debt, unsecured notes, and unsecured term loans are now subject to the new accounting guidance and are presented as a direct reduction to the carrying value of the debt. Prior period amounts have been reclassified to conform to the current period presentation (see Note 2 ). A summary of the Company’s outstanding consolidated indebtedness is as follows: September 30, 2016 December 31, 2015 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 784,337 $ 934,769 Unamortized deferred financing costs (4,129 ) (5,084 ) Unamortized debt premiums 41,913 50,763 Unamortized debt discounts (47 ) (166 ) 822,074 980,282 Construction loans payable (1) — 5,559 Unamortized deferred financing costs — (374 ) 822,074 985,467 Debt secured by on-campus participating properties: Mortgage loans payable 72,123 73,465 Bonds payable 33,870 36,935 Unamortized deferred financing costs (803 ) (905 ) 105,190 109,495 Total secured mortgage, construction and bond debt 927,264 1,094,962 Unsecured notes, net of unamortized OID and deferred financing costs (2) 1,188,218 1,186,700 Unsecured term loans, net of unamortized deferred financing costs (3) 348,810 597,719 Unsecured revolving credit facility 20,000 68,900 Total debt $ 2,484,292 $ 2,948,281 (1) A loan relating to Stadium Centre Phase II was classified as a construction loan as of December 31, 2015 and is now reflected as a mortgage loan as of September 30, 2016 , as construction of the property was completed and the property opened in August of 2016. (2) Includes net unamortized original issue discount (“OID”) of $2.0 million at September 30, 2016 and $2.2 million at December 31, 2015 , and net unamortized deferred financing costs of $9.8 million at September 30, 2016 and $11.1 million at December 31, 2015 . (3) Includes net unamortized deferred financing costs of $1.2 million at September 30, 2016 and $2.3 million at December 31, 2015 . Pay-off of Mortgage and Construction Debt During the nine months ended September 30, 2016 , the Company paid off approximately $152.6 million of fixed rate mortgage debt secured by nine wholly owned properties (The Lofts at Capital Garage, Aztec Corner, Jacob Heights, Campus Town, Campus Trails, Abbot Place, Burbank Commons , Campus Corner, and Campus Way). Included in this amount is $70.4 million of fixed rate mortgage debt at four held for sale properties (see Note 4 ). During the nine months ended September 30, 2015 , the Company paid off approximately $162.7 million of fixed rate mortgage debt secured by eight wholly-owned properties, $37.4 million of fixed rate mortgage debt prior to the sale of four properties, and $44.6 million of variable rate construction debt secured by two ACE properties. Unsecured Notes The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term September 2015 $ 400,000 99.811 3.350 % 3.391 % $ 756 5 June 2014 400,000 99.861 4.125 % 4.142 % 556 10 April 2013 400,000 99.659 3.750 % 3.791 % 1,364 10 $ 1,200,000 $ 2,676 The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of September 30, 2016 , the Company was in compliance with all such covenants. Unsecured Credit Facility The Company has an aggregate unsecured credit facility totaling $850 million which is comprised of unsecured term loans totaling $350 million and a $500 million unsecured revolving credit facility, which may be expanded by up to an additional $500 million upon the satisfaction of certain conditions. On January 29, 2016, the Company refinanced $150 million of the $350 million term loan facility (“Term Loan I Facility”) by extending the maturity date for the $150 million portion from January 10, 2017 to March 29, 2021. The remaining $200 million of the $350 million Term Loan I Facility matures on January 10, 2017 and can be extended to January 10, 2019 through the exercise of two 12 -month extension options, subject to the satisfaction of certain conditions. The maturity date of the unsecured revolving credit facility is March 1, 2018, and can be extended for an additional 12 months to March 1, 2019, subject to the satisfaction of certain conditions. The $250 million term loan facility (“Term Loan II Facility”) was repaid in February 2016 using proceeds from the issuance of 17,940,000 common shares (see Note 8 for details). In connection with this payoff, the Company accelerated the amortization of $1.1 million of deferred financing costs related to the Term Loan II Facility. Each loan bears interest at a variable rate, at the Company’s option, based upon a base rate or one-, two-, three- or six-month LIBOR, plus, in each case, a spread based upon the Company’s investment grade rating from either Moody’s Investor Services, Inc. or Standard & Poor’s Rating Group. In February 2016, Standard & Poor's upgraded the Company's investment grade rating from BBB- to BBB and in May 2016 Moody's Investors Service upgraded its corporate credit rating on the Company from Baa3 to Baa2. As a result of the credit rating upgrades, the spread on our unsecured credit facility decreased between 25 and 30 basis points. The Company has entered into multiple interest rate swap contracts with notional amounts totaling $350 million that effectively fix the interest rate to a weighted average annual rate of 0.88% on the outstanding balance of the Term Loan I Facility. Including the current spread of 1.20% for the $200 million of the Term Loan I Facility, and a current spread of 1.10% for the remaining $150 million of the Term Loan I Facility, the all-in weighted average annual rate on the Term Loan I Facility was 2.04% at September 30, 2016 . Refer to Note 11 for more information on the interest rate swap contracts mentioned above. Availability under the revolving credit facility is limited to an “aggregate borrowing base amount” equal to 60% of the value of the Company’s unencumbered properties, calculated as set forth in the unsecured credit facility. Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $500 million revolving credit facility. As of September 30, 2016, the revolving credit facility bore interest at a weighted average annual rate of 1.83% ( 0.53% + 1.10% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $480 million as of September 30, 2016 . The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness, liens, and the disposition of assets. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges and total indebtedness. The Company may not pay distributions that exceed a specified percentage of funds from operations, as adjusted, for any four consecutive quarters. The financial covenants also include consolidated net worth and leverage ratio tests. As of September 30, 2016 , the Company was in compliance with all such covenants.

Stockholders' Equity _ Partners

Stockholders' Equity / Partners' Capital	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity / Partners' Capital	Stockholders' Equity / Partners' Capital Stockholders' Equity - Company On February 5, 2016, ACC completed an equity offering, consisting of the sale of 17,940,000 shares of ACC’s common stock at a price of $41.25 per share, including 2,340,000 shares issued as a result of the exercise of the underwriters’ overallotment option in full at closing. The offering generated gross proceeds of approximately $740.0 million . The aggregate proceeds to ACC, net of the underwriting discount and expenses of the offering, were approximately $707.3 million . In June 2015, the Company established an at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million . The shares that may be sold under this program include shares of common stock of the Company with an aggregate offering price of approximately $194 million that were not sold under the company's prior ATM program that expired in May 2015. Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. The following table presents activity under the Company’s ATM Equity Program during three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 Total net proceeds $ 62,374 $ — $ 62,374 $ 213,416 Commissions paid to sales agents $ 790 $ — $ 790 $ 3,250 Weighted average price per share $ 50.98 $ — $ 50.98 $ 43.92 Shares of common stock sold 1,239,000 — 1,239,000 4,933,665 As of September 30, 2016 , the Company had approximately $436.8 million available for issuance under its ATM Equity Program. In 2015, the Company established a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) maintained for the benefit of select employees and members of the Company’s Board of Directors, in which vested share awards (see Note 10 ), salary and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the nine months ended September 30, 2016 , 10,026 shares of ACC's common stock were deposited into the Deferred Compensation Plan, bringing total ACC shares held in the Deferred Compensation Plan to 20,181 as of September 30, 2016 . Partners’ Capital – Operating Partnership In connection with the equity offering and ATM Equity Program discussed above, ACCOP issued a number of American Campus Operating Partnership Common OP Units (“Common OP Units”) to ACC equivalent to the number of common shares issued by ACC.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Operating Partnership Partially-owned properties: As of September 30, 2016 , the Operating Partnership consolidates three joint ventures that own and operate University Village at Sweet Home, University Centre and Villas at Chestnut Ridge owned-off campus properties. The portion of net assets attributable to the third-party partners in these joint ventures is classified as “noncontrolling interests - partially owned properties” within capital on the accompanying consolidated balance sheets of the Operating Partnership. Accordingly, the third-party partners’ share of the income or loss of the joint ventures is reported on the consolidated statements of comprehensive income of the Operating Partnership as “net income attributable to noncontrolling interests – partially owned properties.” As discussed in Note 3 , in July 2015, the Company entered into a pre-sale agreement with a private developer whereby the Company was obligated to purchase The Court at Stadium Centre. The property, a VIE, was consolidated for financial purposes prior to the acquisition date. The initial $7.3 million equity contribution from the developer was reflected as noncontrolling interest - partially owned properties within capital on the accompanying consolidated balance sheets of the Operating Partnership as of December 31, 2015 . The Company completed the purchase of the property in May 2016 and the property opened for operations in August 2016. OP Units : For the portion of OP Units that the Operating Partnership is required, either by contract or securities law, to deliver registered common shares of ACC to the exchanging OP unit holder, or for which the Operating Partnership has the intent or history of exchanging such units for cash, we classify the units as “redeemable limited partners” in the mezzanine section of the consolidated balance sheets of the Operating Partnership. The units classified as such include Series A Preferred Units (“Preferred OP Units”) as well as common OP units that are not held by ACC or ACC Holdings. The value of redeemable limited partners on the consolidated balance sheets of the Operating Partnership is reported at the greater of fair value, which is based on the closing market value of the Company's common stock, or historical cost at the end of each reporting period. Changes in the value from period to period are charged to limited partners' capital on the consolidated statement of changes in capital of the Operating Partnership. Below is a table summarizing the activity of redeemable limited partners for the nine months ended September 30, 2016 : December 31, 2015 $ 59,511 Net income 865 Distributions (1,678 ) Conversion of redeemable limited partner units into shares of ACC common stock (5,461 ) Adjustments to reflect redeemable limited partner units at fair value 10,481 September 30, 2016 $ 63,718 During the nine months ended September 30, 2016 , 135,000 Common OP Units and 31,846 Preferred OP Units were converted into an equal number of shares of ACC’s common stock and during the year ended December 31, 2015 , 118,474 Common OP Units and 1,000 Preferred OP Units were converted into an equal number of shares of ACC’s common stock. As of September 30, 2016 and December 31, 2015 , approximately 0.9% and 1.2% , respectively, of the equity interests of the Operating Partnership were held by owners of Common OP Units and Preferred OP Units not held by ACC or ACC Holdings. Company The noncontrolling interests of the Company include the third-party equity interests in partially-owned properties, as discussed above, which are presented as a component of equity in the Company’s consolidated balance sheets. The Company’s noncontrolling interests also include the redeemable limited partners presented in the consolidated balance sheets of the Operating Partnership, which are referred to as “redeemable noncontrolling interests” in the mezzanine section of the Company’s consolidated balance sheets. Noncontrolling interests on the Company’s consolidated statements of comprehensive income include the income/loss attributable to third-party equity interests in partially-owned properties, as well as the income/loss attributable to redeemable noncontrolling interests (i.e. OP Units not held by ACC or ACC Holdings.)

Incentive Award Plan

Incentive Award Plan	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan	Incentive Award Plan Restricted Stock Units (“RSUs”) Upon reelection to the Board of Directors in May 2016, all members of the Company’s Board of Directors were granted RSUs in accordance with the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”). These RSUs were valued at $150,000 for the Chairman of the Board of Directors and at $105,000 for all other members. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. In addition, the Company appointed a new member to the Board of Directors in September 2016 and granted RSUs valued at $105,000 . A compensation charge of approximately $0.9 million was recorded during the nine months ended September 30, 2016 related to these awards. A summary of ACC’s RSUs under the Plan as of September 30, 2016 and activity during the nine months then ended is presented below: Number of RSUs Outstanding at December 31, 2015 — Granted 18,908 Settled in common shares (13,375 ) Settled in cash (3,384 ) Outstanding at September 30, 2016 2,149 (1) (1) These shares vested on the date of the grant in September 2016 and settled in October 2016. Restricted Stock Awards (“RSAs”) A summary of RSAs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”) as of September 30, 2016 and activity during the nine months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2015 655,925 Granted 332,717 Vested (127,352 ) Forfeited (1) (82,564 ) Nonvested balance at September 30, 2016 778,726 (1) Includes shares withheld to satisfy tax obligations upon vesting. The fair value of RSAs is calculated based on the closing market value of ACC’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $2.2 million and $1.7 million for the three months ended September 30, 2016 and 2015 , respectively, and $7.1 million and $5.7 million for the nine months ended September 30, 2016 and 2015 , respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and forward starting swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Forward starting swaps are used to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (outside of earnings) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Ineffectiveness resulting from the derivative instruments summarized below was immaterial for both the three and nine month periods ended September 30, 2016 and 2015 . The following table summarizes the Company’s outstanding interest rate swap contracts as of September 30, 2016 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 14,346 $ (759 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 14,494 (767 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8695% LIBOR – 1 month 125,000 (100 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8800% LIBOR – 1 month 100,000 (83 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8875% LIBOR – 1 month 62,500 (53 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8890% LIBOR – 1 month 62,500 (53 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 (1,093 ) Total $ 448,840 $ (2,908 ) In January 2016, the Company refinanced a portion of the Term Loan Facility I (See Note 7 for details). While the maturity of a portion of the Term Loan Facility I was extended to March 29, 2021, there were no changes to the timing and amounts of the cash flows received or paid under the interest rate swaps, which will expire on the original maturity date. As a result, the Company concluded that a dedesignation of the original hedge relationship was not required. In March 2014, the Company entered into two forward starting interest rate swap contracts with notional amounts totaling $200 million designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes. In connection with the issuance of unsecured notes in June 2014, the Company terminated both swap contracts resulting in payments to both counterparties totaling approximately $4.1 million , which were recorded in accumulated other comprehensive loss and will be amortized to interest expense over the term of the unsecured notes. When including the effect of these interest rate swap terminations, the effective yield on the unsecured notes is 4.27% . During both the three months ended September 30, 2016 and 2015 $0.1 million was amortized from accumulated other comprehensive loss to interest expense, and during both the nine months ended September 30, 2016 and 2015 $0.3 million was amortized from accumulated other comprehensive loss to interest expense. As of September 30, 2016 and December 31, 2015 , approximately $3.2 million and $3.5 million of the $4.1 million payment remained to be amortized, respectively. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2016 and December 31, 2015 : Liability Derivatives Fair Value as of Description Balance Sheet September 30, 2016 December 31, 2015 Interest rate swaps contracts Other liabilities $ 2,908 $ 2,454 Total derivatives designated as hedging instruments $ 2,908 $ 2,454

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Disclosures concerning financial instruments measured at fair value are as follows: Fair Value Measurements as of September 30, 2016 December 31, 2015 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Derivative financial instruments $ — $ 2,908 $ — $ 2,908 $ — $ 2,454 $ — $ 2,454 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 63,718 $ — $ 63,718 $ — $ 59,511 $ — $ 59,511 The Company uses derivative financial instruments, specifically interest rate swaps and forward starting swaps, for nontrading purposes. The Company uses interest rate swaps to manage interest rate risk arising from previously unhedged interest payments associated with variable rate debt and forward starting swaps to reduce exposure to variability in cash flows relating to interest payments on forecasted issuances of debt. Through September 30, 2016 , derivative financial instruments were designated and qualified as cash flow hedges. Derivative contracts with positive net fair values inclusive of net accrued interest receipts or payments are recorded in other assets. Derivative contracts with negative net fair values, inclusive of net accrued interest payments or receipts, are recorded in other liabilities. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of September 30, 2016 and December 31, 2015 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivative financial instruments. As a result, the Company has determined each of its derivative valuations in its entirety is classified in Level 2 of the fair value hierarchy. Redeemable noncontrolling interests in the Company (redeemable limited partners in the Operating Partnership) have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, these instruments are classified in Level 2 of the fair value hierarchy. Other Fair Value Disclosures Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, Other Assets, Accounts Payable and Accrued Expenses and Other Liabilities: The Company estimates that the carrying amount approximates fair value, due to the short maturity of these instruments. Derivative Instruments: These instruments are reported on the balance sheet at fair value, which is based on calculations provided by independent, third-party financial institutions and represent the discounted future cash flows expected, based on the projected future interest rate curves over the life of the instrument. Unsecured Revolving Credit Facility: The fair value of this instrument approximates carrying value due to the variable interest rate feature. Loans Receivable: The fair value of loans receivable is based on a discounted cash flow analysis consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use. These financial instruments utilize Level 3 inputs. Unsecured Notes: In calculating the fair value of unsecured notes, interest rate and spread assumptions reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Mortgage Loans: The fair value of mortgage loans is based on the present value of the cash flows at current market interest rates through maturity. The Company has concluded the fair value of these financial instruments are Level 2, as the majority of the inputs used to value these instruments fall within Level 2 of the fair value hierarchy. Bonds: The fair value of bonds is based on quoted prices in markets that are not active due to the unique characteristics of these financial instruments; as such, the Company has concluded the inputs used to measure fair value fall within Level 2 of the fair value hierarchy. The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable (1) $ 48,030 $ 59,650 $ 48,030 $ 57,175 Liabilities: Unsecured notes (2) $ 1,256,786 $ 1,188,218 $ 1,180,466 $ 1,186,700 Mortgage (2) 897,440 893,889 994,809 1,053,414 Bonds (2) 38,612 33,375 40,716 36,363 (1) Management’s estimate of the collectability of principal and interest payments under the company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of September 30, 2016 . (2) Both the estimated fair value and the carrying amount of unsecured notes, mortgage loans, and bonds includes unamortized deferred financing costs (see Note 7 ).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contracts: As of September 30, 2016 , the Company estimates additional costs to complete eleven wholly-owned development projects under construction to be approximately $416.6 million . The Company expects to fund this amount through a combination of net proceeds from the February equity offering discussed in Note 8 , cash flows generated from operations, and proceeds from completed and anticipated property dispositions. Development-related Guarantees: For certain of its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees typically expire within five days of scheduled completion, as defined, and generally require the Company to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon completion date. Under project cost guarantees, the Company is responsible for the construction cost of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is typically secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. For two of its third-party development projects that are currently under construction with the same University system, the Company’s obligation to pay alternate housing costs and excess project costs are unlimited in amount. However, if the Company’s payment obligation arises from force majeure or is caused by the owner, the owner agrees to reimburse the Company from future cash flow of the project. If the Company’s obligation is a result of the general contractor and/or design professionals’ negligence, the owner agrees to assign its right to recover from such party to the Company. Additionally, for these two projects, the Company’s exposure to such costs resulting from owner-caused delays, as defined, is limited to $1.5 million . As of September 30, 2016 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. In the normal course of business, the Company enters into various development-related purchase commitments with parties that provide development-related goods and services. In the event that the Company was to terminate development services prior to the completion of projects under construction, the Company could potentially be committed to satisfy outstanding purchase orders with such parties. In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of our student housing properties resides (University Crossings), to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years , with three 10 -year extensions, at the Company’s option. The Company also agreed to convey the building and improvements to the University at an undetermined date in the future and to pay real estate transfer taxes not to exceed $2.4 million . The Company paid approximately $0.6 million in real estate transfer taxes upon the conveyance of land to the University, leaving approximately $1.8 million to be paid by the Company upon the transfer of the building and improvements. In addition, in connection with certain property acquisitions, the Company has assumed the obligation to fund future infrastructure improvements located near the acquired properties. During the nine months ended September 30, 2016 , the Company paid out $0.1 million related to this obligation. As of September 30, 2016 , the Company has accrued $0.5 million related to this obligation which is included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. Should additional obligations arise, it is likely that such payments made by the Company will be expensed at such time the local municipalities decide to move forward with the projects. Contingencies Litigation: The Company is subject to various claims, lawsuits and legal proceedings, as well as other matters that have not been fully resolved and that have arisen in the ordinary course of business. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty. Letters of Intent: In the ordinary course of the Company’s business, the Company enters into letters of intent indicating a willingness to negotiate for acquisitions, dispositions or joint ventures. Such letters of intent are non-binding, and neither party to the letter of intent is obligated to pursue negotiations unless and until a definitive contract is entered into by the parties. Even if definitive contracts are entered into, the letters of intent relating to the acquisition and disposition of real property and resulting contracts generally contemplate that such contracts will provide the acquirer with time to evaluate the property and conduct due diligence, during which periods the acquirer will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent or that the Company will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. Once the due diligence period expires, the Company is then at risk under a real property acquisition contract, but only to the extent of any earnest money deposits associated with the contract. Environmental Matters: The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows.

Segments

Segments	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segments	Segments The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Wholly-Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segment’s performance based on operating income before depreciation, amortization, minority interests and allocation of corporate overhead. Intercompany fees are reflected at the contractually stipulated amounts. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Wholly-Owned Properties Rental revenues and other income $ 186,504 $ 171,053 $ 548,403 $ 519,950 Interest income 345 266 878 807 Total revenues from external customers 186,849 171,319 549,281 520,757 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (99,820 ) (96,528 ) (254,523 ) (252,270 ) Ground/facility leases (1,614 ) (1,314 ) (4,520 ) (3,759 ) Interest expense (4,078 ) (6,763 ) (16,215 ) (22,416 ) Operating income before depreciation, amortization, and allocation of corporate overhead $ 81,337 $ 66,714 $ 274,023 $ 242,312 Depreciation and amortization $ 49,464 $ 49,466 $ 151,740 $ 147,023 Capital expenditures $ 119,589 $ 73,291 $ 329,932 $ 210,747 Total segment assets at September 30, $ 6,062,852 $ 5,759,543 $ 6,062,852 $ 5,759,543 Three Months Ended Nine Months Ended 2016 2015 2016 2015 On-Campus Participating Properties Total revenues from external customers $ 6,758 $ 6,565 $ 23,018 $ 21,469 Interest income 2 1 4 1 Total revenues from external customers 6,760 6,566 23,022 21,470 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (3,507 ) (3,313 ) (9,278 ) (8,415 ) Ground/facility leases (351 ) (468 ) (2,216 ) (2,082 ) Interest expense (1,394 ) (1,464 ) (4,231 ) (4,430 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 1,508 $ 1,321 $ 7,297 $ 6,543 Depreciation and amortization $ 1,839 $ 1,780 $ 5,493 $ 5,231 Capital expenditures $ 1,446 $ 1,530 $ 2,510 $ 2,389 Total segment assets at September 30, $ 105,774 $ 109,339 $ 105,774 $ 109,339 Development Services Development and construction management fees $ 773 $ 937 $ 3,929 $ 3,178 Operating expenses (3,434 ) (3,207 ) (10,414 ) (10,239 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (2,661 ) $ (2,270 ) $ (6,485 ) $ (7,061 ) Total segment assets at September 30, $ 2,279 $ 3,854 $ 2,279 $ 3,854 Property Management Services Property management fees from external customers $ 2,376 $ 2,261 $ 7,039 $ 6,586 Intersegment revenues 5,830 5,664 17,410 17,139 Total revenues 8,206 7,925 24,449 23,725 Operating expenses (2,742 ) (2,562 ) (8,542 ) (8,422 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 5,464 $ 5,363 $ 15,907 $ 15,303 Total segment assets at September 30, $ 10,692 $ 8,653 $ 10,692 $ 8,653 Reconciliations Total segment revenues and other income $ 202,588 $ 186,747 $ 600,681 $ 569,130 Unallocated interest income earned on investments and corporate cash 925 832 3,144 2,488 Elimination of intersegment revenues (5,830 ) (5,664 ) (17,410 ) (17,139 ) Total consolidated revenues, including interest income $ 197,683 $ 181,915 $ 586,415 $ 554,479 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 85,648 $ 71,128 $ 290,742 $ 257,097 Depreciation and amortization (53,411 ) (53,189 ) (164,724 ) (158,135 ) Net unallocated expenses relating to corporate interest and overhead (22,047 ) (20,657 ) (67,573 ) (60,146 ) Gain from disposition of real estate — 4,657 17,409 52,699 Other nonoperating income — 388 — 388 Loss from early extinguishment of debt — — — (1,770 ) Income tax provision (345 ) (311 ) (1,035 ) (932 ) Net income $ 9,845 $ 2,016 $ 74,819 $ 89,201 Total segment assets $ 6,181,597 $ 5,881,389 $ 6,181,597 $ 5,881,389 Unallocated corporate assets 97,778 123,764 97,778 123,764 Total assets at September 30, $ 6,279,375 $ 6,005,153 $ 6,279,375 $ 6,005,153

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions : On November 2, 2016 , the Company declared a distribution per share of $0.42 , which will be paid on November 28, 2016 to all common stockholders of record as of November 14, 2016 . At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of Common OP Units, as well as the quarterly cumulative preferential distribution to holders of Preferred OP Units (see Note 9 ). Property Acquisition: In October 2016, the Company acquired U Point, a 163 -bed wholly-owned property located near Syracuse University.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. Our actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Certain prior period amounts, as discussed below in Recently Adopted Accounting Pronouncements , have been reclassified to conform to the current period presentation.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-15 (“ASU 2016-15”), “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update provide guidance on eight specific cash flow issues where there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-15 will have a material effect on its consolidated statements of cash flows. In March 2016, the FASB issued Accounting Standards Update 2016-05 (“ASU 2016-05”), “Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” The amendments in this guidance clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt ASU 2016-05 as of January 1, 2017 and does not expect it to have a material impact on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), “Leases: Amendments to the FASB Accounting Standards Codification.” ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance is effective for public business entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-02 will have a material effect on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), “Revenue From Contracts With Customers”. ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. Subsequent to the issuance of ASU 2014-09, the FASB has issued multiple Accounting Standards Updates clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the effective date by one year. ASU 2014-09, as amended by subsequent Accounting Standards Updates, is effective for public entities for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or modified retrospective approach upon adoption. The Company plans to adopt the new revenue standard as of January 1, 2018 and is currently evaluating the potential impact of the new standards on its consolidated financial statements. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update 2016-09 (“ASU 2016-09”), “Improvements to Employee Share-Based Payment Accounting.” The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2016-09 as of January 1, 2016. ASU 2016-09 did not have a material impact on the Company's consolidated financial statements. Refer to the accompanying consolidated statements of cash flows for details on the impact of the reclassification of taxes paid on net-share settlements from operating to financing activities. On January 1, 2016, the Company adopted Accounting Standards Update 2015-16 (“ASU 2015-16”), “Simplifying the Accounting for Measurement-Period Adjustments.” Under the new guidance, the Company will no longer recognize a measurement-period adjustment retroactively in a business combination. Instead, measurement-period adjustments will be recognized during the period in which the amount of the adjustment is determined. The adoption of ASU 2015-16 did not have a material impact on the Company’s consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs.” The impact of adopting ASU 2015-03 on the Company’s consolidated financial statements was the reclassification of deferred financing costs previously included in “other assets” to “secured mortgage, construction and bond debt”, “unsecured notes” and “unsecured term loans” within its consolidated balance sheets for all periods presented (see Note 7 ). Other than these reclassifications, the adoption of ASU 2015-03 did not have an impact on the Company’s consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-02 (“ASU 2015-02”), “Amendments to the Consolidation Analysis.” The new guidance changed the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance did not amend the existing disclosure requirements for Variable Interest Entities (“VIEs”) or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model and eliminated the presumption that a general partner should consolidate a limited partnership. Under the revised guidance, ACCOP is determined to be a VIE. As ACCOP is already included in the consolidated financial statements of the Company, the identification of this entity as a VIE has no impact on its consolidated financial statements. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption of this guidance. In addition, there were no other voting interest entities under prior existing guidance determined to be VIEs under the revised guidance.
Interim Financial Statements	Interim Financial Statements The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investments in Real Estate	Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $3.3 million and $2.8 million was capitalized during the three months ended September 30, 2016 and 2015 , respectively, and interest totaling approximately $9.0 million and $8.2 million was capitalized during the nine months ended September 30, 2016 and 2015 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairment indicators of the carrying values of its investments in real estate as of September 30, 2016 . The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price if acquired separately, or market research/comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. We have determined these estimates to have been primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. We record the acquisition of undeveloped land parcels that do not meet the accounting criteria to be accounted for as business combinations at the purchase price paid and capitalize the associated acquisition costs.
Pre-development Expenditures	Pre-development Expenditures Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income.
Earnings per Share - Company/Earnings per Unit - Operating Partnership	Earnings per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of estimated useful lives of assets	Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following potentially dilutive securities were outstanding for the three and nine months ended September 30, 2016 and 2015 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Common OP Units (Note 9) 1,221,242 1,442,723 1,278,148 — Preferred OP Units (Note 9) 87,767 109,359 95,212 109,916 Total potentially dilutive securities 1,309,009 1,552,082 1,373,360 109,916
Schedule of summary of elements used in calculating basic earnings per share/unit	The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Numerator – basic earnings per share: Net income $ 9,845 $ 2,016 $ 74,819 $ 89,201 Net income attributable to noncontrolling interests (201 ) (161 ) (1,150 ) (1,569 ) Net income attributable to common stockholders 9,644 1,855 73,669 87,632 Amount allocated to participating securities (329 ) (264 ) (1,051 ) (867 ) Net income attributable to common stockholders - basic $ 9,315 $ 1,591 $ 72,618 $ 86,765 Numerator – diluted earnings per share: Net income attributable to common shareholders - basic $ 9,315 $ 1,591 $ 72,618 $ 86,765 Income allocated to Common OP Units — — — 929 Net income attributable to common shareholders - diluted $ 9,315 $ 1,591 $ 72,618 $ 87,694 Denominator: Basic weighted average common shares outstanding 130,786,985 112,323,520 128,239,294 111,867,257 Unvested Restricted Stock Awards (Note 10) 781,386 656,688 795,107 688,997 Common OP units (Note 9) — — — 1,355,610 Diluted weighted average common shares outstanding 131,568,371 112,980,208 129,034,401 113,911,864 Earnings per share: Net income attributable to common stockholders - basic $ 0.07 $ 0.01 $ 0.57 $ 0.78 Net income attributable to common stockholders - diluted $ 0.07 $ 0.01 $ 0.56 $ 0.77
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of summary of elements used in calculating basic earnings per share/unit	The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Numerator – basic and diluted earnings per unit: Net income $ 9,845 $ 2,016 $ 74,819 $ 89,201 Net income attributable to noncontrolling interests – partially owned properties (77 ) (92 ) (285 ) (507 ) Series A preferred unit distributions (36 ) (44 ) (115 ) (132 ) Amount allocated to participating securities (329 ) (264 ) (1,051 ) (867 ) Net income attributable to common unitholders $ 9,403 $ 1,616 $ 73,368 $ 87,695 Denominator: Basic weighted average common units outstanding 132,008,227 113,766,243 129,517,442 113,222,867 Unvested Restricted Stock Awards (Note 10) 781,386 656,688 795,107 688,997 Diluted weighted average common units outstanding 132,789,613 114,422,931 130,312,549 113,911,864 Earnings per unit: Net income attributable to common unitholders - basic $ 0.07 $ 0.01 $ 0.57 $ 0.77 Net income attributable to common unitholders - diluted $ 0.07 $ 0.01 $ 0.56 $ 0.77

Property Acquisitions (Tables)

Property Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of business acquisitions	During the nine months ended September 30, 2016 , the Company secured the following in-process development properties for approximately $66.0 million . Total cash consideration of $57.1 million consisted of escrow deposits and cash paid at closing: Property Location Primary University Served Targeted Completion Date Acquisition Date Beds The Court at Stadium Centre (1) Tallahassee, FL Florida State University August 2016 May 2016 260 Callaway House Apartments Norman, OK University of Oklahoma August 2017 June 2016 915 U Centre on College Clemson, SC Clemson University August 2017 June 2016 418 1,593 (1) In conjunction with the purchase of Stadium Centre in July 2015, we entered into a presale agreement to purchase The Court at Stadium Centre, an adjacent property. We completed the purchase of the property in May 2016 and the property opened for operations in August 2016. As part of this transaction, the Company assumed approximately $10.0 million of fixed rate mortgage debt.

Property Dispositions (Tables)

Property Dispositions (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of properties sold during period	Property Location Primary University Served Disposition Date Beds The Edge - Orlando Orlando, FL University of Central Florida March 2016 930 University Village - Sacramento Sacramento, CA California State Univ. - Sacramento March 2016 394 1,324
Schedule of properties classified as held for sale	The following portfolio of wholly-owned properties is classified as held for sale on the accompanying consolidated balance sheet as of September 30, 2016 : Property Location Primary University Served Beds Abbott Place East Lansing, MI Michigan State University 654 Burbank Commons Baton Rouge, LA Louisiana State University 532 Campus Corner Bloomington, IA Indiana University 796 Campus Way Tuscaloosa, AL University of Alabama 680 Forest Village and Woodlake Columbia, MO University of Missouri 704 Garnet River Walk Columbia, SC University of South Carolina 476 Grindstone Canyon Columbia, MO University of Missouri 384 Lions Crossing State College, PA Penn State University 696 Nittany Crossing State College, PA Penn State University 684 Pirates Place Townhomes Greenville, NC East Carolina University 528 The Centre Kalamazoo, MI Western Michigan University 700 The Cottages of Baton Rouge Baton Rouge, LA Louisiana State University 1,290 The Cottages of Columbia Columbia, MO University of Missouri 513 U Club Cottages Baton Rouge, LA Louisiana State University 308 University Club & The Grove (1) Tallahassee, FL Florida State University 736 University Crescent Baton Rouge, LA Louisiana State University 612 University Heights Birmingham, AL University of Alabama at Birmingham 528 University Manor Greenville, NC East Carolina University 600 University Oaks Columbia, SC University of South Carolina 662 12,083 (1) Consists of two phases that are counted separately in the property portfolio numbers contained in Note 1 .

Investments in Wholly-Owned P26

Investments in Wholly-Owned Properties (Tables)	9 Months Ended
	Sep. 30, 2016
Wholly-owned properties
Real Estate Properties [Line Items]
Schedule of real estate properties	Wholly-owned properties consisted of the following: September 30, 2016 December 31, 2015 Land (1) $ 567,866 $ 597,894 Buildings and improvements 5,072,199 5,235,033 Furniture, fixtures and equipment 300,522 311,696 Construction in progress 223,474 154,988 6,164,061 6,299,611 Accumulated depreciation (815,803 ) (777,340 ) Wholly-owned properties, net $ 5,348,258 (2) $ 5,522,271 (3) (1) The land balance above includes undeveloped land parcels with book values of approximately $38.3 million and $66.2 million as of September 30, 2016 and December 31, 2015 , respectively. It also includes land totaling approximately $61.2 million and $33.0 million as of September 30, 2016 and December 31, 2015 , respectively, related to properties under development. (2) The balance above excludes the net book value of 19 wholly-owned properties classified as held for sale in the accompanying consolidated balance sheets as of September 30, 2016 . One of the properties held for sale consists of two phases which are counted separately in our property portfolio numbers (see Note 4 ). (3) The balance above excludes the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheets as of December 31, 2015 . These properties were sold in March 2016 (see Note 4 ).

On-Campus Participating Prope27

On-Campus Participating Properties (Tables)	9 Months Ended
	Sep. 30, 2016
On-campus participating properties
Real Estate Properties [Line Items]
Schedule of real estate properties	On-campus participating properties are as follows: Historical Cost Lessor/University Lease Commencement Required Debt September 30, 2016 December 31, 2015 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 45,270 $ 44,147 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,184 7,064 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,313 27,717 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 37,942 37,381 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 43,786 43,676 162,495 159,985 Accumulated amortization (75,283 ) (69,856 ) On-campus participating properties, net $ 87,212 $ 90,129 (1) Consists of three phases placed in service between 1996 and 1998. (2) Consists of two phases placed in service in 2000 and 2003. (3) Consists of two phases placed in service in 2001 and 2005.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts	The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term September 2015 $ 400,000 99.811 3.350 % 3.391 % $ 756 5 June 2014 400,000 99.861 4.125 % 4.142 % 556 10 April 2013 400,000 99.659 3.750 % 3.791 % 1,364 10 $ 1,200,000 $ 2,676 A summary of the Company’s outstanding consolidated indebtedness is as follows: September 30, 2016 December 31, 2015 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 784,337 $ 934,769 Unamortized deferred financing costs (4,129 ) (5,084 ) Unamortized debt premiums 41,913 50,763 Unamortized debt discounts (47 ) (166 ) 822,074 980,282 Construction loans payable (1) — 5,559 Unamortized deferred financing costs — (374 ) 822,074 985,467 Debt secured by on-campus participating properties: Mortgage loans payable 72,123 73,465 Bonds payable 33,870 36,935 Unamortized deferred financing costs (803 ) (905 ) 105,190 109,495 Total secured mortgage, construction and bond debt 927,264 1,094,962 Unsecured notes, net of unamortized OID and deferred financing costs (2) 1,188,218 1,186,700 Unsecured term loans, net of unamortized deferred financing costs (3) 348,810 597,719 Unsecured revolving credit facility 20,000 68,900 Total debt $ 2,484,292 $ 2,948,281 (1) A loan relating to Stadium Centre Phase II was classified as a construction loan as of December 31, 2015 and is now reflected as a mortgage loan as of September 30, 2016 , as construction of the property was completed and the property opened in August of 2016. (2) Includes net unamortized original issue discount (“OID”) of $2.0 million at September 30, 2016 and $2.2 million at December 31, 2015 , and net unamortized deferred financing costs of $9.8 million at September 30, 2016 and $11.1 million at December 31, 2015 . (3) Includes net unamortized deferred financing costs of $1.2 million at September 30, 2016 and $2.3 million at December 31, 2015 .

Stockholders' Equity _ Partne29

Stockholders' Equity / Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Summary of Equity Program activity	The following table presents activity under the Company’s ATM Equity Program during three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 Total net proceeds $ 62,374 $ — $ 62,374 $ 213,416 Commissions paid to sales agents $ 790 $ — $ 790 $ 3,250 Weighted average price per share $ 50.98 $ — $ 50.98 $ 43.92 Shares of common stock sold 1,239,000 — 1,239,000 4,933,665

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Schedule of summarized activity of redeemable limited partners	Below is a table summarizing the activity of redeemable limited partners for the nine months ended September 30, 2016 : December 31, 2015 $ 59,511 Net income 865 Distributions (1,678 ) Conversion of redeemable limited partner units into shares of ACC common stock (5,461 ) Adjustments to reflect redeemable limited partner units at fair value 10,481 September 30, 2016 $ 63,718

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted stock units and awards	A summary of RSAs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”) as of September 30, 2016 and activity during the nine months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2015 655,925 Granted 332,717 Vested (127,352 ) Forfeited (1) (82,564 ) Nonvested balance at September 30, 2016 778,726 (1) Includes shares withheld to satisfy tax obligations upon vesting. A summary of ACC’s RSUs under the Plan as of September 30, 2016 and activity during the nine months then ended is presented below: Number of RSUs Outstanding at December 31, 2015 — Granted 18,908 Settled in common shares (13,375 ) Settled in cash (3,384 ) Outstanding at September 30, 2016 2,149 (1) (1) These shares vested on the date of the grant in September 2016 and settled in October 2016.

Derivative Instruments and He32

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of summary of outstanding interest rate swap contracts	The following table summarizes the Company’s outstanding interest rate swap contracts as of September 30, 2016 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 14,346 $ (759 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 14,494 (767 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8695% LIBOR – 1 month 125,000 (100 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8800% LIBOR – 1 month 100,000 (83 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8875% LIBOR – 1 month 62,500 (53 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8890% LIBOR – 1 month 62,500 (53 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 (1,093 ) Total $ 448,840 $ (2,908 )
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2016 and December 31, 2015 : Liability Derivatives Fair Value as of Description Balance Sheet September 30, 2016 December 31, 2015 Interest rate swaps contracts Other liabilities $ 2,908 $ 2,454 Total derivatives designated as hedging instruments $ 2,908 $ 2,454

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of financial instruments measured at fair value	Disclosures concerning financial instruments measured at fair value are as follows: Fair Value Measurements as of September 30, 2016 December 31, 2015 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Derivative financial instruments $ — $ 2,908 $ — $ 2,908 $ — $ 2,454 $ — $ 2,454 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 63,718 $ — $ 63,718 $ — $ 59,511 $ — $ 59,511
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable	The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable (1) $ 48,030 $ 59,650 $ 48,030 $ 57,175 Liabilities: Unsecured notes (2) $ 1,256,786 $ 1,188,218 $ 1,180,466 $ 1,186,700 Mortgage (2) 897,440 893,889 994,809 1,053,414 Bonds (2) 38,612 33,375 40,716 36,363 (1) Management’s estimate of the collectability of principal and interest payments under the company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of September 30, 2016 . (2) Both the estimated fair value and the carrying amount of unsecured notes, mortgage loans, and bonds includes unamortized deferred financing costs (see Note 7 ).

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of segment information	Three Months Ended Nine Months Ended 2016 2015 2016 2015 Wholly-Owned Properties Rental revenues and other income $ 186,504 $ 171,053 $ 548,403 $ 519,950 Interest income 345 266 878 807 Total revenues from external customers 186,849 171,319 549,281 520,757 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (99,820 ) (96,528 ) (254,523 ) (252,270 ) Ground/facility leases (1,614 ) (1,314 ) (4,520 ) (3,759 ) Interest expense (4,078 ) (6,763 ) (16,215 ) (22,416 ) Operating income before depreciation, amortization, and allocation of corporate overhead $ 81,337 $ 66,714 $ 274,023 $ 242,312 Depreciation and amortization $ 49,464 $ 49,466 $ 151,740 $ 147,023 Capital expenditures $ 119,589 $ 73,291 $ 329,932 $ 210,747 Total segment assets at September 30, $ 6,062,852 $ 5,759,543 $ 6,062,852 $ 5,759,543 Three Months Ended Nine Months Ended 2016 2015 2016 2015 On-Campus Participating Properties Total revenues from external customers $ 6,758 $ 6,565 $ 23,018 $ 21,469 Interest income 2 1 4 1 Total revenues from external customers 6,760 6,566 23,022 21,470 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (3,507 ) (3,313 ) (9,278 ) (8,415 ) Ground/facility leases (351 ) (468 ) (2,216 ) (2,082 ) Interest expense (1,394 ) (1,464 ) (4,231 ) (4,430 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 1,508 $ 1,321 $ 7,297 $ 6,543 Depreciation and amortization $ 1,839 $ 1,780 $ 5,493 $ 5,231 Capital expenditures $ 1,446 $ 1,530 $ 2,510 $ 2,389 Total segment assets at September 30, $ 105,774 $ 109,339 $ 105,774 $ 109,339 Development Services Development and construction management fees $ 773 $ 937 $ 3,929 $ 3,178 Operating expenses (3,434 ) (3,207 ) (10,414 ) (10,239 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (2,661 ) $ (2,270 ) $ (6,485 ) $ (7,061 ) Total segment assets at September 30, $ 2,279 $ 3,854 $ 2,279 $ 3,854 Property Management Services Property management fees from external customers $ 2,376 $ 2,261 $ 7,039 $ 6,586 Intersegment revenues 5,830 5,664 17,410 17,139 Total revenues 8,206 7,925 24,449 23,725 Operating expenses (2,742 ) (2,562 ) (8,542 ) (8,422 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 5,464 $ 5,363 $ 15,907 $ 15,303 Total segment assets at September 30, $ 10,692 $ 8,653 $ 10,692 $ 8,653 Reconciliations Total segment revenues and other income $ 202,588 $ 186,747 $ 600,681 $ 569,130 Unallocated interest income earned on investments and corporate cash 925 832 3,144 2,488 Elimination of intersegment revenues (5,830 ) (5,664 ) (17,410 ) (17,139 ) Total consolidated revenues, including interest income $ 197,683 $ 181,915 $ 586,415 $ 554,479 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 85,648 $ 71,128 $ 290,742 $ 257,097 Depreciation and amortization (53,411 ) (53,189 ) (164,724 ) (158,135 ) Net unallocated expenses relating to corporate interest and overhead (22,047 ) (20,657 ) (67,573 ) (60,146 ) Gain from disposition of real estate — 4,657 17,409 52,699 Other nonoperating income — 388 — 388 Loss from early extinguishment of debt — — — (1,770 ) Income tax provision (345 ) (311 ) (1,035 ) (932 ) Net income $ 9,845 $ 2,016 $ 74,819 $ 89,201 Total segment assets $ 6,181,597 $ 5,881,389 $ 6,181,597 $ 5,881,389 Unallocated corporate assets 97,778 123,764 97,778 123,764 Total assets at September 30, $ 6,279,375 $ 6,005,153 $ 6,279,375 $ 6,005,153

Organization and Description 35

Organization and Description of Business - (Details)	9 Months Ended
	Sep. 30, 2016university_systemBedProperty
Real Estate Properties [Line Items]
Number of properties	170
Number of beds | Bed	105,300
Minimum
Real Estate Properties [Line Items]
Initial term of contract	1 year
Maximum
Real Estate Properties [Line Items]
Initial term of contract	5 years
Wholly-owned properties | Off Campus Properties
Real Estate Properties [Line Items]
Number of properties	139
Wholly-owned properties | American Campus Equity
Real Estate Properties [Line Items]
Number of properties	26
Number of university systems | university_system	12
Wholly-owned properties | On-campus participating properties
Real Estate Properties [Line Items]
Number of properties	5
Wholly-owned properties | Under Development
Real Estate Properties [Line Items]
Number of properties	11
Number of beds | Bed	9,000
Management And Leasing Services
Real Estate Properties [Line Items]
Number of properties	35
Number of beds | Bed	28,300
Real Estate Investment
Real Estate Properties [Line Items]
Number of properties	205
Number of beds | Bed	133,600
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Real Estate Properties [Line Items]
Limited Partner ownership interest (percent)	99.10%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum
Real Estate Properties [Line Items]
General Partner ownership interest (percent) (less than)	1.00%

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	9 Months Ended
	Sep. 30, 2016
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
On-campus participating properties | Minimum | Leasehold interest
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
On-campus participating properties | Maximum | Leasehold interest
Property, Plant and Equipment [Line Items]
Estimated useful life	34 years

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Additional Information (Detail Textuals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accounting Policies [Abstract]
Capitalized Interest	$ 3.3	$ 2.8	$ 9	$ 8.2
Deferred pre-development costs	$ 9		$ 9

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	1,309,009	1,552,082	1,373,360	109,916
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	1,221,242	1,442,723	1,278,148	0
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	87,767	109,359	95,212	109,916

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator – basic earnings per share:
Net income	$ 9,845	$ 2,016	$ 74,819	$ 89,201
Net income attributable to noncontrolling interests	(201)	(161)	(1,150)	(1,569)
Net income attributable to common stockholders	9,644	1,855	73,669	87,632
Amount allocated to participating securities	(329)	(264)	(1,051)	(867)
Net income attributable to common unitholders	9,315	1,591	72,618	86,765
Numerator – diluted earnings per share:
Net income attributable to common shareholders - basic	9,315	1,591	72,618	86,765
Income allocated to Common OP Units	0	0	0	929
Net income attributable to common shareholders - diluted	$ 9,315	$ 1,591	$ 72,618	$ 87,694
Denominator:
Basic weighted average common shares outstanding (in shares)	130,786,985	112,323,520	128,239,294	111,867,257
Antidilutive securities (shares)	1,309,009	1,552,082	1,373,360	109,916
Diluted weighted average common shares outstanding (in shares)	131,568,371	112,980,208	129,034,401	113,911,864
Earnings per share:
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.07	$ 0.01	$ 0.57	$ 0.78
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.07	$ 0.01	$ 0.56	$ 0.77
Unvested Restricted Stock Awards
Denominator:
Antidilutive securities (shares)	781,386	656,688	795,107	688,997
Common OP Units
Denominator:
Antidilutive securities (shares)	0	0	0	1,355,610

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator – basic and diluted earnings per unit:
Net income	$ 9,845	$ 2,016	$ 74,819	$ 89,201
Net income attributable to noncontrolling interests – partially owned properties	(201)	(161)	(1,150)	(1,569)
Amount allocated to participating securities	(329)	(264)	(1,051)	(867)
Net income attributable to common unitholders	9,315	1,591	72,618	86,765
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator – basic and diluted earnings per unit:
Net income	9,845	2,016	74,819	89,201
Series A preferred unit distributions	(36)	(44)	(115)	(132)
Amount allocated to participating securities	(329)	(264)	(1,051)	(867)
Net income attributable to common unitholders	$ 9,403	$ 1,616	$ 73,368	$ 87,695
Denominator:
Basic weighted average common units outstanding (in units)	132,008,227	113,766,243	129,517,442	113,222,867
Diluted weighted average common units outstanding (in units)	132,789,613	114,422,931	130,312,549	113,911,864
Earnings per unit:
Net income attributable to common unitholders - basic (in dollars per unit)	$ 0.07	$ 0.01	$ 0.57	$ 0.77
Net income attributable to common unitholders - diluted (in dollars per unit)	$ 0.07	$ 0.01	$ 0.56	$ 0.77
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator – basic and diluted earnings per unit:
Net income attributable to noncontrolling interests – partially owned properties	$ (77)	$ (92)	$ (285)	$ (507)
Unvested Restricted Stock Awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Denominator:
Unvested Restricted Stock Awards (in units)	781,386	656,688	795,107	688,997

Property Acquisitions - Additio

Property Acquisitions - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)BedProperty	Sep. 30, 2015USD ($)BedProperty$ / Unitshares	Aug. 31, 2016Bed
Business Acquisition [Line Items]
Escrow deposits and cash paid	$ 96,604	$ 298,202
Number of beds | Bed	105,300
Number of properties | Property	170
University Crossings | Wholly-owned properties
Business Acquisition [Line Items]
Number of beds | Bed			546
2016 acquisitions | Wholly-owned properties
Business Acquisition [Line Items]
Purchase price	$ 66,000	$ 378,300
Escrow deposits and cash paid	$ 57,100
Number of beds | Bed		4,061
Number of properties | Property		8
Debt assumed as part of business acquisition		$ 69,400
Common OP Unit
Business Acquisition [Line Items]
Equity issued as part of business acquisition (in shares) | shares		343,895
Equity issued as part of business acquisition (in dollars per unit) | $ / Unit		41.24

Property Acquisitions - Summary

Property Acquisitions - Summary of Properties Acquired (Details) $ in Millions	Sep. 30, 2016USD ($)Bed
Business Acquisition [Line Items]
Number of beds	105,300
The Court at Stadium Centre
Business Acquisition [Line Items]
Mortgage debt assumed as part of property acquisition | $	$ 10
In-Process Development Properties
Business Acquisition [Line Items]
Number of beds	1,593
In-Process Development Properties | The Court at Stadium Centre
Business Acquisition [Line Items]
Number of beds	260
In-Process Development Properties | Callaway House Apartments
Business Acquisition [Line Items]
Number of beds	915
In-Process Development Properties | U Centre on College
Business Acquisition [Line Items]
Number of beds	418

Property Dispositions - Additio

Property Dispositions - Additional Information (Detail Textuals) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)BedProperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of properties			$ 72,640	$ 427,205
Gain from disposition of real estate	$ 0	$ 4,657	17,409	52,699
Repayments of debt during period			11,514	10,717
Wholly-owned properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price of disposed property	$ 73,800	$ 436,700	73,800	436,700
Proceeds from disposition of properties			72,600	427,100
Gain from disposition of real estate			17,400	$ 52,700
Number of properties sold | Property				20
Number of beds in properties sold | Bed				12,297
Mortgage debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt during period			$ 197,700	$ 37,400

Property Dispositions - Summary

Property Dispositions - Summary of Properties Classified as Held for Sale (Details)	Sep. 30, 2016Bed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	105,300
Wholly-owned properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	1,324
Edge - Orlando | Wholly-owned properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	930
University Village Sacramento | Wholly-owned properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	394

Property Dispositions - Schedul

Property Dispositions - Schedule of Properties Classified as Held for Sale (Details)	Sep. 30, 2016Bed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	105,300
Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	12,083
Abbott Place | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	654
Burbank Commons | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	532
Campus Corner | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	796
Campus Way | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	680
Forest Village and Woodlake | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	704
Garnet River Walk | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	476
Grindstone Canyon | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	384
Lions Crossing | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	696
Nittany Crossing | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	684
Pirates Place Townhomes | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	528
The Centre | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	700
The Cottages of Baton Rouge | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	1,290
The Cottages of Columbia | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	513
U Club Cottages | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	308
University Club & The Grove | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	736
University Crescent | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	612
University Heights | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	528
University Manor | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	600
University Oaks | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	662

Investments in Wholly-Owned P46

Investments in Wholly-Owned Properties - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Wholly-owned properties, net	$ 5,931,425	$ 5,667,754
Wholly-owned properties
Real Estate Properties [Line Items]
Land	567,866	597,894
Buildings and improvements	5,072,199	5,235,033
Furniture, fixtures and equipment	300,522	311,696
Construction in progress	223,474	154,988
Real estate properties gross	6,164,061	6,299,611
Accumulated depreciation	(815,803)	(777,340)
Wholly-owned properties, net	$ 5,348,258	$ 5,522,271

Investments in Wholly-Owned P47

Investments in Wholly-Owned Properties - Summary (Detail Textuals) $ in Millions	Sep. 30, 2016USD ($)Property	Dec. 31, 2015USD ($)Property
Real Estate Properties [Line Items]
Undeveloped land parcels	$ 38.3	$ 66.2
Under Development
Real Estate Properties [Line Items]
Undeveloped land parcels	$ 61.2	$ 33
Wholly-owned properties
Real Estate Properties [Line Items]
Number of real estate properties, held for sale | Property	19	2

On-Campus Participating Prope48

On-Campus Participating Properties (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)phase	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Wholly-owned properties, net	$ 5,931,425	$ 5,667,754
On-campus participating properties
Real Estate Properties [Line Items]
Real estate properties, gross	162,495	159,985
Accumulated amortization	(75,283)	(69,856)
Wholly-owned properties, net	$ 87,212	90,129
On-campus participating properties | Texas A and M International
Real Estate Properties [Line Items]
Lease Commencement	Feb. 1, 1996
Required Debt Repayment	Sep. 1, 2023
Real estate properties, gross	$ 7,184	7,064
Phases Placed In Service Between 1996 and 1998 | Prairie View A and M University
Real Estate Properties [Line Items]
Number of project phases | phase	3
Phases Placed In Service Between 1996 and 1998 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Lease Commencement	Feb. 1, 1996
Required Debt Repayment	Sep. 1, 2023
Real estate properties, gross	$ 45,270	44,147
Phases Placed In Service In 2000 and 2003 | Prairie View A and M University
Real Estate Properties [Line Items]
Number of project phases | phase	2
Phases Placed In Service In 2000 and 2003 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Lease Commencement	Oct. 1, 1999
Real estate properties, gross	$ 28,313	27,717
Phases Placed In Service In 2001 and 2005 | University Of Houston
Real Estate Properties [Line Items]
Number of project phases | phase	2
Phases Placed In Service In 2001 and 2005 | On-campus participating properties | University Of Houston
Real Estate Properties [Line Items]
Lease Commencement	Sep. 27, 2000
Required Debt Repayment	Aug. 31, 2035
Real estate properties, gross	$ 37,942	37,381
Phases Placed in Service in 2013 | On-campus participating properties | West Virginia University
Real Estate Properties [Line Items]
Lease Commencement	Jul. 16, 2013
Required Debt Repayment	Jul. 16, 2045
Real estate properties, gross	$ 43,786	$ 43,676
Minimum | Phases Placed In Service In 2000 and 2003 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Required Debt Repayment	Aug. 31, 2025
Maximum | Phases Placed In Service In 2000 and 2003 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Required Debt Repayment	Aug. 31, 2028

Debt - Summary of Outstanding C

Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	$ 927,264	$ 1,094,962
Unsecured notes, net of unamortized OID and deferred financing costs	1,188,218	1,186,700
Unsecured term loans, net of unamortized deferred financing costs	348,810	597,719
Unsecured revolving credit facility	20,000	68,900
Total debt	2,484,292	2,948,281
Unsecured Debt
Debt Instrument [Line Items]
Unamortized deferred financing costs	(9,800)	(11,100)
Unamortized debt discounts	(2,000)	(2,200)
Term loans
Debt Instrument [Line Items]
Unamortized deferred financing costs	(1,200)	(2,300)
Wholly-owned properties, net
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	822,074	980,282
Total debt	822,074	985,467
Wholly-owned properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	784,337	934,769
Unamortized deferred financing costs	(4,129)	(5,084)
Unamortized debt premiums	41,913	50,763
Unamortized debt discounts	(47)	(166)
Wholly-owned properties, net | Construction loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	0	5,559
Unamortized deferred financing costs	0	(374)
On-campus participating properties, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(803)	(905)
Total debt	105,190	109,495
On-campus participating properties, net | Bonds payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	33,870	36,935
On-campus participating properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	$ 72,123	$ 73,465

Debt - Additional Information (

Debt - Additional Information (Detail Textuals)	Feb. 05, 2016shares	Jan. 29, 2016USD ($)Extension_option	May 31, 2016	Feb. 29, 2016USD ($)	Sep. 30, 2016USD ($)Propertyshares	Sep. 30, 2015USD ($)Property
Debt Instrument [Line Items]
Repayments of debt during period					$ 11,514,000	$ 10,717,000
Number of properties | Property					170
Credit facility, additional extension period					12 months
Notional amount					$ 448,840,000
Mortgage debt
Debt Instrument [Line Items]
Repayments of debt during period					197,700,000	$ 37,400,000
Number of properties sold | Property						4
Construction loans payable
Debt Instrument [Line Items]
Repayments of debt during period						$ 44,600,000
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount					$ 350,000,000
Term Loan I Facility
Debt Instrument [Line Items]
Line of credit, weighted average annual interest rate (percent)					0.88%
Interest rate during period					2.04%
Revolving credit facility
Debt Instrument [Line Items]
Ratio of borrowing amount to value of properties (percent)					60.00%
Term Loan II Facility
Debt Instrument [Line Items]
Amount of debt repayment				$ 250,000,000
Accelerated amortization related to pay-off of debt					$ 1,100,000
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility					850,000,000
Credit facility, additional borrowing capacity (up to)					500,000,000
Unsecured Revolving Credit Facility | Term loan facility
Debt Instrument [Line Items]
Credit facility					$ 350,000,000
Unsecured Revolving Credit Facility | Term Loan I Facility
Debt Instrument [Line Items]
Credit facility		$ 350,000,000
Unsecured Revolving Credit Facility | Term Loan I Facility Maturing March 29, 2021
Debt Instrument [Line Items]
Credit facility		150,000,000
Basis spread on variable rate					1.10%
Unsecured Revolving Credit Facility | Term Loan I Facility Maturing January 10, 2019
Debt Instrument [Line Items]
Credit facility		$ 200,000,000
Number of loan extension options | Extension_option		2
Duration of loan extension options		12 months
Basis spread on variable rate					1.20%
Unsecured Revolving Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Credit facility					$ 500,000,000
Line of credit, required unused commitment fee per annum (percent)					0.20%
Current borrowing capacity of credit facility					$ 480,000,000
Covenant terms, time period company may not pay distributions that exceed a percentage of funds from operations					12 months
Revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate					1.10%
Line of credit, required unused commitment fee per annum (percent)					0.20%
Weighted average annual interest rate					1.83%
Stated percentage					0.53%
ACE Properties | Mortgage debt
Debt Instrument [Line Items]
Number of properties | Property						2
Common shares
Debt Instrument [Line Items]
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds (shares) | shares	17,940,000				19,179,000
Nine Wholly Owned Properties | Mortgage debt
Debt Instrument [Line Items]
Repayments of debt during period					$ 152,600,000
Number of properties | Property					9
Four Wholly-owned properties held for sale | Mortgage debt
Debt Instrument [Line Items]
Repayments of debt during period					$ 70,400,000
Number of real estate properties, held for sale | Property					4
Wholly-owned properties | Mortgage debt
Debt Instrument [Line Items]
Repayments of debt during period						$ 162,700,000
Number of properties | Property						8
Minimum | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Decrease in basis spread on variable rate			25.00%
Maximum | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Decrease in basis spread on variable rate			30.00%

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	9 Months Ended
	Sep. 30, 2016USD ($)
Senior notes
Debt Instrument [Line Items]
Amount	$ 1,200,000,000
Original Issue Discount	2,676,000
Senior notes - September 2015
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of Par Value	99.811%
Coupon (percent)	3.35%
Yield rate (percent)	3.391%
Original Issue Discount	$ 756,000
Term	5 years
Senior notes - June 2014
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of Par Value	99.861%
Coupon (percent)	4.125%
Yield rate (percent)	4.142%
Original Issue Discount	$ 556,000
Term	10 years
Senior notes - April 2013
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of Par Value	99.659%
Coupon (percent)	3.75%
Yield rate (percent)	3.791%
Original Issue Discount	$ 1,364,000
Term	10 years

Stockholders' Equity _ Partne52

Stockholders' Equity / Partners' Capital - (Detail Textuals) - USD ($)	Feb. 05, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of common stock		$ 803,189,000	$ 216,666,000
ATM equity program, aggregate offering price authorized (up to $500 million)		$ 436,800,000
Number of shares in Deferred Compensation Plan at end of March 2016 (in shares)		20,181		10,155
Common shares
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds (shares)	17,940,000	19,179,000
Shares issued as a result of ACC equity offering (in dollars per share)	$ 41.25
Proceeds from sale of common stock	$ 740,000,000
Proceeds from issuance of common stock, net of discounts and expenses	$ 707,300,000
ATM Equity Program
Schedule of Equity Method Investments [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)					$ 500,000,000
ATM equity program, common stock offering price					$ 194,000,000
Treasury Stock
Schedule of Equity Method Investments [Line Items]
Number of shares deposited into deferred compensation plan (in shares)		10,026
Over-Allotment Option | Common shares
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds (shares)	2,340,000

Stockholders' Equity _ Partne53

Stockholders' Equity / Partners' Capital - Summary of Equity Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Total net proceeds			$ 803,189	$ 216,666
ATM Equity Program
Class of Stock [Line Items]
Total net proceeds	$ 62,374	$ 0	62,374	213,416
Commissions paid to sales agents	$ 790	$ 0	$ 790	$ 3,250
Weighted average price per share (in usd per share)	$ 50.98	$ 0	$ 50.98	$ 43.92
Shares of common stock sold (in shares)	1,239,000	0	1,239,000	4,933,665

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail Textuals) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016Entityshares	Dec. 31, 2015USD ($)shares
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners (entities) | Entity	3
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent)	0.90%	1.20%
Preferred OP Unit
Noncontrolling Interest [Line Items]
Conversion of operating partnership units to common stock (shares)	31,846	1,000
Common OP Unit
Noncontrolling Interest [Line Items]
Conversion of operating partnership units to common stock (shares)	135,000	118,474
Partially owned properties
Noncontrolling Interest [Line Items]
Payments to acquire The Court at Stadium Center | $		$ 7.3

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 59,511
Distributions	(366)
Conversion of redeemable limited partner units into shares of ACC common stock	(5,441)
Adjustments to reflect redeemable limited partner units at fair value	10,481
Ending balance	63,718
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	59,511
Distributions	(366)
Conversion of redeemable limited partner units into shares of ACC common stock	(5,441)
Adjustments to reflect redeemable limited partner units at fair value	10,481
Ending balance	63,718
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	59,511
Net income	865
Distributions	(1,678)
Conversion of redeemable limited partner units into shares of ACC common stock	(5,461)
Adjustments to reflect redeemable limited partner units at fair value	10,481
Ending balance	$ 63,718

Incentive Award Plan - Addition

Incentive Award Plan - Additional Information (Detail Textuals) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2016	May 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense					$ 900,000
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense			$ 2,200,000	$ 1,700,000	$ 7,100,000	$ 5,700,000
Board of Directors Chairman | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit granted to Board of Directors and employees		$ 150,000
All Other | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit granted to Board of Directors and employees	$ 105,000	$ 105,000

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	0
Granted (shares)	18,908
Settled in common shares (shares)	(13,375)
Settled in cash (shares)	(3,384)
Ending balance (shares)	2,149

Incentive Award Plan - Summar58

Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards	9 Months Ended
	Sep. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	655,925,000
Granted (shares)	332,717,000
Vested (shares)	(127,352,000)
Forfeited (shares)	(82,564,000)
Ending balance (shares)	778,726,000

Derivative Instruments and He59

Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Derivative [Line Items]
Current Notional Amount	$ 448,840
Fair Value	$ (2,908)
Interest Rate Swap One - 2.2750 Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate (percent)	2.275%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 14,346
Fair Value	$ (759)
Interest Rate Swap Two - 2.2750 Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate (percent)	2.275%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 14,494
Fair Value	$ (767)
Interest Rate Swap - 0.8695% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 2, 2012
Maturity Date	Jan. 2, 2017
Pay Fixed Rate (percent)	0.8695%
Receive Floating Rate Index	LIBOR – 1 month
Current Notional Amount	$ 125,000
Fair Value	$ (100)
Interest Rate Swap - 0.88% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 2, 2012
Maturity Date	Jan. 2, 2017
Pay Fixed Rate (percent)	0.88%
Receive Floating Rate Index	LIBOR – 1 month
Current Notional Amount	$ 100,000
Fair Value	$ (83)
Interest Rate Swap - 0.8875% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 2, 2012
Maturity Date	Jan. 2, 2017
Pay Fixed Rate (percent)	0.8875%
Receive Floating Rate Index	LIBOR – 1 month
Current Notional Amount	$ 62,500
Fair Value	$ (53)
Interest Rate Swap - 0.889% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 2, 2012
Maturity Date	Jan. 2, 2017
Pay Fixed Rate (percent)	0.889%
Receive Floating Rate Index	LIBOR – 1 month
Current Notional Amount	$ 62,500
Fair Value	$ (53)
Interest Rate Swap - 1.545% Fixed Rate
Derivative [Line Items]
Effective Date	Nov. 1, 2013
Maturity Date	Oct. 5, 2018
Pay Fixed Rate (percent)	1.545%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 70,000
Fair Value	$ (1,093)

Derivative Instruments and He60

Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2014USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2014USD ($)Contract
Derivative [Line Items]
Notional amount		$ 448,840,000		$ 448,840,000
Amortization of interest rate swap terminations				309,000	$ 308,000
Interest Rate Swap
Derivative [Line Items]
Notional amount		350,000,000		350,000,000
Forward starting swap contracts
Derivative [Line Items]
Number of interest rate swap contracts (contracts) | Contract							2
Payments related to terminated swap contracts	$ 4,100,000
Amortization of interest rate swap terminations		$ 100,000	$ 100,000	300,000	300,000
Termination payment remaining to be amortized				3,200,000		$ 3,500,000
Forward starting swap contracts | Interest Rate Swap
Derivative [Line Items]
Notional amount							$ 200,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Derivative [Line Items]
Amortization of interest rate swap terminations				$ 309,000	$ 308,000
Senior notes - June 2014 | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Derivative [Line Items]
Effective interest rate after effect of derivative instruments (as a percentage)	4.27%

Derivative Instruments and He61

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details) - Designated as hedging instrument - Other liabilities - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Total derivatives liabilities designated as hedging instruments	$ 2,908	$ 2,454
Interest rate swaps contracts
Derivatives, Fair Value [Line Items]
Total derivatives liabilities designated as hedging instruments	$ 2,908	$ 2,454

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Liabilities:
Derivative financial instruments	$ 2,908	$ 2,454
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	63,718	59,511
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Liabilities:
Derivative financial instruments	0	0
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	0	0
Significant Other Observable Inputs (Level 2)
Liabilities:
Derivative financial instruments	2,908	2,454
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	63,718	59,511
Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative financial instruments	0	0
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	$ 0	$ 0

Fair Value Disclosures - Estima

Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Estimated Fair Value
Assets:
Loans receivable	$ 48,030	$ 48,030
Liabilities:
Unsecured notes	1,256,786	1,180,466
Mortgage	897,440	994,809
Bonds	38,612	40,716
Carrying Amount
Assets:
Loans receivable	59,650	57,175
Liabilities:
Unsecured notes	1,188,218	1,186,700
Mortgage	893,889	1,053,414
Bonds	$ 33,375	$ 36,363

Commitments and Contingencies -

Commitments and Contingencies - (Detail Textuals)	1 Months Ended	9 Months Ended
	Aug. 31, 2013USD ($)extension	Sep. 30, 2016USD ($)PropertyProject
Loss Contingencies [Line Items]
Number of properties, under development | Property		11
Payments for future infrastucture improvements		$ (100,000)
Accounts payable and accrued liabilities remaining to fund infrastructural development		$ 500,000
Alternate Housing Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period		5 days
Project Cost Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period		1 year
Third-Party Development Projects
Loss Contingencies [Line Items]
Number of third-party development projects | Project		2
Commitment under third-party development project		$ 1,500,000
Drexel University Property
Loss Contingencies [Line Items]
Lease term	40 years
Number of lease renewal options | extension	3
Lease extension period	10 years
Commitment to pay real estate transfer taxes, amount	$ 1,800,000
Real estate transfer taxes paid upon conveyance of land	600,000
Maximum | Drexel University Property
Loss Contingencies [Line Items]
Commitment to pay real estate transfer taxes, amount	$ 2,400,000
Construction contracts
Loss Contingencies [Line Items]
Other commitment		$ 416,600,000

Segments - Additional Informati

Segments - Additional Information (Detail Textuals)	9 Months Ended
	Sep. 30, 2016Segment
Segment Reporting [Abstract]
Identified reportable segments (segments)	4

Segments - Summary (Details)

Segments - Summary (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 196,411	$ 180,816	$ 582,389	$ 551,183
Total consolidated revenues, including interest income	197,683	181,915	586,415	554,479
Segment operating income before depreciation, amortization and allocation of corporate overhead	29,278	18,551	121,419	103,179
Interest expense	(19,016)	(21,053)	(61,762)	(63,627)
Depreciation and amortization	(53,411)	(53,189)	(164,724)	(158,135)
Operating expenses	(167,133)	(162,265)	(460,970)	(448,004)
Property management fees from external customers	2,376	2,261	7,039	6,586
Gain from disposition of real estate	0	4,657	17,409	52,699
Other nonoperating income	0	388	0	388
Income (loss) from continuing operations	9,845	2,016	74,819	89,201
Loss from early extinguishment of debt	0	0	0	(1,770)
Income tax provision	(345)	(311)	(1,035)	(932)
Total assets	6,279,375		6,279,375		$ 6,006,248
Operating segments
Segment Reporting Information [Line Items]
Total revenues	202,588	186,747	600,681	569,130
Segment operating income before depreciation, amortization and allocation of corporate overhead	85,648	71,128	290,742	257,097
Total segment assets	6,181,597	5,881,389	6,181,597	5,881,389
Income (loss) from continuing operations	9,845	2,016	74,819	89,201
Unallocated corporate assets	97,778	123,764	97,778	123,764
Total assets	6,279,375	6,005,153	6,279,375	6,005,153
Operating segments | Wholly-owned properties
Segment Reporting Information [Line Items]
Total revenues from external customers	186,504	171,053	548,403	519,950
Interest income	345	266	878	807
Total revenues	186,849	171,319	549,281	520,757
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead	(99,820)	(96,528)	(254,523)	(252,270)
Ground/facility leases	(1,614)	(1,314)	(4,520)	(3,759)
Interest expense	(4,078)	(6,763)	(16,215)	(22,416)
Operating income before depreciation, amortization and allocation of corporate overhead	81,337	66,714	274,023	242,312
Depreciation and amortization	(49,464)	(49,466)	(151,740)	(147,023)
Capital expenditures	119,589	73,291	329,932	210,747
Total segment assets	6,062,852	5,759,543	6,062,852	5,759,543
Operating segments | On-campus participating properties
Segment Reporting Information [Line Items]
Total revenues from external customers	6,758	6,565	23,018	21,469
Interest income	2	1	4	1
Total revenues	6,760	6,566	23,022	21,470
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead	(3,507)	(3,313)	(9,278)	(8,415)
Ground/facility leases	(351)	(468)	(2,216)	(2,082)
Interest expense	(1,394)	(1,464)	(4,231)	(4,430)
Operating income before depreciation, amortization and allocation of corporate overhead	1,508	1,321	7,297	6,543
Depreciation and amortization	(1,839)	(1,780)	(5,493)	(5,231)
Capital expenditures	1,446	1,530	2,510	2,389
Total segment assets	105,774	109,339	105,774	109,339
Operating segments | Development Services
Segment Reporting Information [Line Items]
Operating income before depreciation, amortization and allocation of corporate overhead	(2,661)	(2,270)	(6,485)	(7,061)
Total segment assets	2,279	3,854	2,279	3,854
Development and construction management fees	773	937	3,929	3,178
Operating expenses	(3,434)	(3,207)	(10,414)	(10,239)
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Total revenues	8,206	7,925	24,449	23,725
Operating income before depreciation, amortization and allocation of corporate overhead	5,464	5,363	15,907	15,303
Total segment assets	10,692	8,653	10,692	8,653
Operating expenses	(2,742)	(2,562)	(8,542)	(8,422)
Property management fees from external customers	2,376	2,261	7,039	6,586
Intersegment revenues	5,830	5,664	17,410	17,139
Unallocated
Segment Reporting Information [Line Items]
Total revenues	925	832	3,144	2,488
Operating expenses	22,047	20,657	67,573	60,146
Elimination of intersegment revenues
Segment Reporting Information [Line Items]
Total revenues	$ (5,830)	$ (5,664)	$ (17,410)	$ (17,139)

Subsequent Events - Distributio

Subsequent Events - Distribution (Details)	Nov. 02, 2016$ / shares
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Common Stock, dividends per share, declared (in dollars per units)	$ 0.42

Subsequent Event - Property Acq

Subsequent Event - Property Acquisition (Details) - Bed	Oct. 31, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Number of beds		105,300
U Point | Wholly-owned properties | Subsequent Event
Subsequent Event [Line Items]
Number of beds	163